Gold Spot Price Open: $1,386
Gold Spot Price Close: $1,376
Change in Gold Spot Price:-$10
Silver Spot Price Open: $22.77
Silver Spot Price Close: $22.47
Change in Silver Spot Price:-$0.30
Gold and silver both finished down on Tuesday, though nowhere near their daily lows. After falling by fairly substantial margins early in the day, both gold and silver were able to rebound a bit to make ending numbers not nearly as bad as they could have been. When all was said and done gold finished down closer to ten dollars while silver lost about 30 cents.
A stronger US Dollar is partially to blame for gold’s losses as this seems to a recurring theme lately. What investors are really holding out for is tomorrow’s news which is shaping up to be incredibly relevant not only to all those interested in commodities, but especially those who have a vested interest in precious metals. The US Federal Reserve’s Chairman, Ben Bernanke, is set to address Congress on Wednesday about the current state of the US economy as well as the future of monetary policy.
It seems as though we might finally get official word on the future of Quantitative Easing and whether it will be wound down, abandoned entirely, or left unchanged. The popular thought circulating around investors is that QE will be slowly wound down over the course of the next few months due to the fact that the US economy has improved dramatically as of late. Also being released tomorrow are the notes from the latest Federal Open Market Committee meeting which are shaping up to be another place to look for clues about the future of QE in the US.
As if that was not enough to prepare for tomorrow, the eyes of the world will be on China who is poised to released its latest slate of manufacturing data. Recent history has seen the once booming Asian economy slow down considerably and the data we expect to see tomorrow will do a good job of solidifying what the world thinks of the current second strongest economy.
Brace yourselves, because tomorrow could be a day of drastic ups and downs as far as precious metals are concerned.
