Gold Spot Price Open: $1,470
Gold Spot Price Close: $1,469
Change in Gold Spot Price:-$1
Silver Spot Price Open: $23.98
Silver Spot Price Close: $24.11
Change in Silver Spot Price:+$0.13
Gold and silver both remained relatively stagnant today as that movement, or lack thereof, was indicative of what went on for the majority of this week. Gold fell to the tune of about one dollar while silver gained a few more pennies than ten cents.
A US jobs report that was released today showed that unemployment claims were at their lowest in about 5 years. This is quite shocking news and it has caused a lot of people to claim that the US economy has made a full recovery. While a full economic recovery may not be exactly the case, these numbers are showing signs of a strengthening US economy if nothing else. While you would think this news would be enough to propel gold forward significantly to end this week, the US stock markets are the ones that got the spoils today. And it wouldn’t be a US economic update unless we talked about QE, which is something a lot of folks are claiming needs to be put to rest because they think it has done its job in helping the economy get back up on its feet.
On the whole, gold and silver fared decently this week, but they have a long way to go before they will reach the level they were at before their collapse a few weeks ago. Coming into May, precious metals values were significantly lower than they were at the end of this past March. The numbers would have been even worse if it weren’t for China and the rest of Asia clearing shelves of dealers silver and gold. Next week brings the first full week of May and investors are hoping that gold can continue on its path of recovery.
