Posted on June 11, 2013
Gold Spot Price Open: $1,386
Gold Spot Price Close: $1,379
Change in Gold Spot Price:-$7
Silver Spot Price Open: $22.03
Silver Spot Price Close: $21.69
Change in Silver Spot Price:-$0.34
Gold and silver both experienced losses today, as the negative tone was set as soon as markets opened. When all was said and done gold finished having lost about 7 dollars while silver lost a little over 30 cents. Both metals more or less gave back the gains they had posted just a day ago.
There was a heavy sense of the urge to sell today in both bond and stock markets across the globe. This was started, perhaps, by the Greeks whose latest bond yields were coming in up about 10%. The stock market in the US began the day taking a fairly large hit, but as time moved on things slowly went back to near normal levels.
With the recent string of good economic data out of the US, the world and its market watchers are once again convinced that easy money policies might be coming to an end. In both the US and Japan, investors and market watchers are gearing up for a change in policy by no later than the end of the summer. It is still unclear what the future of monetary policy in Japan will look like, but in the US it has been announced that there is a strong likelihood that Quantitative Easing will be brought to an end or at least wound down sometime soon. This is despite the fact that St. Louis Federal Reserve president, James Bullard, announced that he is in favor of continuing easy money policies in the US. His words may not mean a lot to many people, but the fact that he is a voting member of the Federal Open Market Committee in the US gives his words a bit more strength.
As we close out the rest of the week it will be interesting to see what world bond and stock markets do, as today was unexpectedly crazy. Additionally, investors and market watchers will need to pay attention to what world currencies are doing, as they are always important indicators for precious metals’ movement.