Posted on June 25, 2013
Gold Spot Price Open: $1,277
Gold Spot Price Close: $1,277
Change in Gold Spot Price: NO CHANGE
Silver Spot Price Open: $19.58
Silver Spot Price Close: $19.65
Change in Silver Spot Price:+$0.07
Gold and silver started the day making some very small gains, though later in the day things corrected themselves as both metals finished having moved very little. By the time trading concluded on Tuesday gold had experienced no changes while silver made gains of barely over 5 cents. Even though silver made minuscule gains, today’s results are nothing to get excited about.
After reported on a possible liquidity crisis in China yesterday, today we have the exact opposite news to report as Chinese monetary officials said the problems experienced yesterday were only temporary and that things were back to normal today. This announcement seems too good to be true, but it was enough to correct the standing of Asian stocks which suffered a lot yesterday. Even though monetary officials have stated that things are more or less back to normal as far as the nation’s credit is concerned, this news has not stopped people from wondering if China really is still the second strongest economy in the world. Recent trends have shown us that the Asian giant is slowing down as far as manufacturing is concerned and their recent stock market performances do well to confirm that.
The US Dollar finished better on Tuesday as well, once again giving precious metals little to no room to flex their muscles, or at least what’s left of them. While the economic reports due out on Tuesday were light, they were good, yet another factor putting downward pressure on gold and silver. Bargain hunting is a theme this week as prices are low and have been for the past five days or so. Up to this point, however, physical demand for gold and silver has not been great enough to spur any big spot value gains.