Posted on June 18, 2013
Gold Spot Price Open: $1,384
Gold Spot Price Close: $1,369
Change in Gold Spot Price:-$15
Silver Spot Price Open: $21.86
Silver Spot Price Close: $21.68
Change in Silver Spot Price:-$0.18
Gold and silver started off the day down only a little bit, but as the day wore on these losses began piling on top of themselves. When all was said and done gold lost about 15 dollars while silver more or less replicated yesterday’s losses, losing 18 cents today.
With the Federal Open Market Committee meeting underway, it seems as though investors are already deciding what the outcome will be as gold is steadily losing value. A better-performing US stock market did not help precious metals either as investors increased interest in stocks while shying away from safe-haven assets like gold and silver. If we begin to see the US and other stock markets around the world gain value at increasing rates, the outlook for precious metals will undoubtedly become a bleak one.
Today did not yield too many huge world economic stories, but tomorrow is shaping up to be a lot different. By this time tomorrow the FOMC meeting will be wrapped up and Ben Bernanke will conduct his press conference. It is at this point when we will find out what the future of monetary policy in the US will hold.
As of now a large portion of traders and investors are convinced that monetary policy in the US will remain unchanged, though there is not much to support this thought. With recent economic data out of the US being as positive as it has been, there is still a strong contingent thinking that monetary policy will undergo some large changes.
The euro currency was strengthened today due to some better than expected German economic data. The Japanese Nikkei Index was losing value as the day started, but its losses today are not nearly as bad as some days we have seen lately. Investors are watching the Nikkei Index particularly closely as it is a widely held belief that its movements over the course of the next few weeks will dictate much of the movement by other stock markets around the world.