Gold Spot Price Open: $1,294
Gold Spot Price Close: $1,294
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $19.42
Silver Spot Price Close: $19.46
Change in Silver Spot Price: +$0.04
Gold and silver spot values hovered around even for a majority of the day while traders the world over exhibited a more blatant risk-off attitude. When all was said and done, spot gold finished where it had started while silver was able to pick up a few pennies.
The talk of the town for US investors today was tomorrow’s release of the latest FOMC minutes from May’s meeting. Despite no one expecting any new, groundbreaking news to come as a result of the minutes, the investing world will tune in anyway. From a US economic standpoint this week, tomorrow’s minutes are more or less the only piece of data investors will be paying attention to. As it stands now, the widespread belief is that the FOMC minutes will do nothing more than reiterate the Fed’s positive outlook on the US economy.
In other news from around the world, Spanish and Italian bond yields are on the rise and are prompting more discussion about if and when the European Central Bank will implement new monetary stimulus measures. The prevailing belief is that we will hear of new monetary stimulus at June’s ECB policy meeting, but this is only speculation at this point. With that said, deflation has been a longstanding concern for much of Europe and many market experts feel as though the ECB has no choice but to loosen monetary policy.
If previous deflationary concerns weren’t intense enough already, it was reported today that German consumer prices were down .1% in April and down almost a whole percentage on an annualized basis. It will be interesting to see how the rest of the week will play out from a European economic data standpoint.
