Gold Spot Price Open: $1,275
Gold Spot Price Close: $1,271
Change in Gold Spot Price: -$4
Silver Spot Price Open: $19.75
Silver Spot Price Close: $19.78
Change in Silver Spot Price: +$0.03
Gold and silver spot values experienced mixed results on Tuesday and, all in all, did not close too far from where they opened. When all was said and done, gold lost about 4 dollars while silver made gains of only a few pennies.
The focus of the marketplace continued to be the ongoing violence in Iraq, though some profit-taking after gold and silver’s recent gains prevented spot values from advancing forward today. The United States has agreed to provide assistance to Iraq in the form of a few hundred special operations soldiers as well as some military advisers. After more than 1,700 Shiite Iraqi soldiers were reported as being killed by ISIS rebels, the United States realized that this situation is slowly but surely moving beyond the control of the Iraqi military. Safe-haven demand will more than likely continue to be a result of the ongoing violence as there is no surefire way of knowing if or when things will be resolved in Iraq.
Ukraine is also providing some tension this week as Russian natural gas provider Gazprom has stated that they are unwilling to provide natural gas to Ukraine unless it is paid for prior to its use. This is not such an easy pill for the Ukrainians to swallow as the financially crippled nation has very limited funds off which to operate.
A monthly US inflation report released early this morning delivered gold and silver a fairly noticeable blow, but one they eventually recovered from. The rising CPI figures have led many investors to believe that the FOMC will continue with its current course of tapering Quantitative Easing. Whether that is true or not no one can say for certain, but this week’s policy meeting will change that.
