Gold Spot Price Open: $1,471
Gold Spot Price Close: $1,470
Change in Gold Spot Price:-$1
Silver Spot Price Open: $24.20
Silver Spot Price Close: $24.04
Change in Silver Spot Price:-$0.16
Gold and silver both hesitated to move on Monday as a quiet atmosphere across Europe due to a holiday set the tone for the day. When all was said and done gold finished down about 1 dollar while silver dropped about 16 cents.
England and a large majority of Europe was shut down today due to the observance of a holiday which meant for little news in the early morning hours. The slow early morning on Monday carried through to the afternoon as trading was fairly quiet for the entirety of the day seeing as gold and silver did not make much of any movements.
Despite the lack of action in Europe today, there was still some news to report from the region. On Monday, economic data out of Germany shows that the supposed strongest nation in the EU is suffering as of late. President Draghi of the European Central Bank did have some good news for gold and silver investors as he announced that easy monetary policy would be available and instituted for any nation that might need it. The large-scale pumping of money into an economy or economies is always good news for precious metals as whenever the money supply increases, so too does the price of gold and silver.
Tensions are as high as ever in the Middle East as an unexpected airstrike by Israel on Syria has caught the eyes of more than just those interested in the political landscape of the region. Precious metals gurus are focusing their attention on the region as any escalation of violence tends to be bullish for gold and silver. While Israel and a host of Arab nations have been going at it in spurts over the years, things may be reaching the boil-over point in the near future.
While President Draghi’s announcement of continued easy monetary policy was good for metals, the fact that the USD is holding its strong position acted as a counterweight which held gold to more or less the same position at the end of the day that it was in when the markets opened.
