Posted on August 16, 2013
Gold Spot Price Open: $1,334
Gold Spot Price Close: $1,368
Change in Gold Spot Price: +$34
Silver Spot Price Open: $21.82
Silver Spot Price Close: $23.07
Change in Silver Spot Price:+$1.25
Gold and silver posted more impressive gains on Thursday as increased tensions in the Middle East have heightened precious metals’ status as a safe-haven asset. When all was said and done, gold picked up about 34 dollars while silver gained over a dollar and a quarter.
The civil unrest in Egypt, though it has not been covered as closely as it was about a month ago, still persists and continues to make headlines around the world. In the last few days, the situation escalated in response to Egyptian authorities giving police forces the authority to use “deadly force” in regards to protecting themselves and other important figureheads and/or institutions. Over 600 people have been killed as a result of the ongoing violence, and just as it was a month ago, the situation does not seem to be getting any better.
This violence is stemming directly from the ousting of former Egyptian President Mohamed Morsi. His supporters insist that they have been served the gravest of injustices after he was removed from the presidency in what many are calling an illegal military coup, while civil authorities and the military are constantly urging protesters to abandon their demonstrations and go back to their normal lives. Refusing to give in, Pro-Morsi supporters have been taking to the streets in large numbers and it seems that they will remain there, even if it means death.
For precious metals investors, the news of continued and even worsening civil unrest in Egypt meant for an increase in the spot value of both gold and silver. This week, barring any major losses on Friday, is quickly shaping up to be a 5 day session of incredible gains for both gold and silver. While only a week ago we were discussing whether or not gold will be able to stay above the $1,300 threshold, now we are hearing discussion of whether gold will be able to eclipse $1,400 and how quickly silver will gain another dollar. These kind of hopes and expectations are a little premature, though gold has been building a head of steam all week and posting gains at nearly every turn.
US stocks fared quite differently than gold and silver today as the Dow Jones has lost triple-digit points for the second day in a row. This marks the first time in well over a month in which the Dow Jones saw two consecutive day of 100+ point losses.