Posted on August 28, 2013
Gold Spot Price Open: $1,420
Gold Spot Price Close: $1,419
Change in Gold Spot Price: -$1
Silver Spot Price Open: $24.70
Silver Spot Price Close: $24.41
Change in Silver Spot Price:-$0.29
Gold and silver posted mixed closing numbers as today played host to a more subdued atmosphere ahead of what looks to be an almost certain US military intervention in Syria. When the work day came to a conclusion, gold had lost roughly a dollar while silver’s losses were closer to 30 cents. Though both metals lost value today, they did not lose the momentum which they have built up over the past two weeks or so.
A civil war has been raging in Syria for two years now, but more recently the conflict has been catching the attention of the world as an increasing number of atrocities against civilians have been reported. The most recent such report of atrocities came in the form of an accusation that the Syrian government has been and continues to use chemical weapons against its own citizens.
Something a lot of people do not know about the Syrian war is that there have been thousands upon thousands of innocent people murdered, not only by the government, but by the rebels as well. Many Syrian civilians who have not been killed have suffered the trials and tribulations of being displaced hundreds of miles from their war-ravaged home towns. It seems as though the American government has caught wind of the chemical attacks on Syrian civilians and has vowed to punish the ruthless ruling power.
As the US military preps for yet another war endeavor in the Middle East, investors have been abandoning their stock holdings and more frequently turning to precious metals as a means of investing. In almost all times of turmoil, gold and silver are given a boost as investors look to them more and more as safe haven assets. This time is no different and while on the surface it may seem like the US is preparing for a war with the Middle Eastern nation of Syria, the bigger picture shows us that such a war might end up dragging in many more players than the US and Syria alone. Despite widespread violence being the more recent “norm” for the nations of the Middle East, no one wants another destructive war to set this region of the world back further than other wars have already.
Though the US has not actually touched down in Syria, most believe this will happen by the end of the week. For this reason we urge you to pay close attention to major news outlets as they will likely be closely covering the minute-to-minute happenings of the Syrian civil war as it pertains to US involvement.