Posted on August 17, 2013
Gold Spot Price Open: $1,359
Gold Spot Price Close: $1,377
Change in Gold Spot Price: +$18
Silver Spot Price Open: $22.54
Silver Spot Price Close: $23.29
Change in Silver Spot Price:+$0.75
Gold and silver are seeing their gains compound upon each other as both metals finished the week in impressive fashion. At the end of the day on Friday gold was able to gain about 18 dollars while silver made gains of 75 cents.
The violence in Egypt is only getting worse as the citizen death toll is beginning to mount. Pro-Morsi supporters continue to clash with police and other armed security forces who were just recently told to use “deadly force”, if necessary, when dealing with protesters. The Muslim Brotherhood, who is a large Morsi advocate, has called for expanded protests despite the Egyptian government declaring a state of emergency. Police and military personnel have reportedly been firing on citizens with regularity, which is evident in the rising death toll.
This ongoing bout of violence has helped boost the spot value of gold and silver by making the two metals much more appealing as safe-haven assets. We will continue to keep an eye on the ongoing events as they will have direct relevance to the precious metals market.
The EU’s consumer price index was reported as being down .5% over the course of June to July, though July of this year saw a CPI that was over 1.5% better than it was during July of last year. This news confirms the growing belief that the overall European economy is recovering, slowly but surely.
Though trading and economic news will be almost non-existent over the weekend, the ongoing situation in Egypt will surely develop further, and that is a news story every investor will want to keep their eyes on. Gold and silver seem to have momentum at the moment so it will be interesting to see if they can ride this wave into next week and beyond.