Gold Spot Price Open: $1,278
Gold Spot Price Close: $1,273
Change in Gold Spot Price: -$5
Silver Spot Price Open: $19.76
Silver Spot Price Close: $19.73
Change in Silver Spot Price: -$0.03
Gold and silver spot value began the day edging higher, but by midday those gains were conceded and both metals began posting marginal losses. When all was said and done, gold lost about five dollars while silver lost only a few pennies.
The stability of Iraq as a country seems to have been delivered a few more blows over the weekend as reports stream in about the rebel takeover of a number of cities throughout the northern parts of the country. As the Islamic State of Iraq and Syria, or ISIS, makes its way further into Iraqi territory, Iraqi security forces are finding them increasingly difficult to fend off. In heavily populated areas especially, ISIS is fighting off what few Iraqi troops show up to show them resistance.
Now, with seemingly nowhere else to turn, Iraqi officials are pleading with the United States to provide them with military assistance. While the United States has yet to respond to these pleas, Secretary of State John Kerry was reported as saying that he and his colleagues are weighing their options with regard to Iraq. He went on to say that working with Iran to help resolve matters is an option the United States may be willing to pursue, as is the possible use of drones. As the violence in Iraq continues to increase, so too does safe-haven demand for precious metals. Investors were clearly exhibiting a risk-off mentality today, and such will continue to be the case should the ongoing violence in Iraq remain glued to the headlines.
The biggest piece of news investors are looking forward to this week is the Federal Open Market Committee’s monthly policy meeting. It is expected that the FOMC will continue with its ongoing course of tapering Quantitative Easing, but investors will be paying close attention to the post-meeting statement made by Fed chairperson Janet Yellen.
