Posted on August 30, 2013
Gold Spot Price Open: $1,412
Gold Spot Price Close: $1,396
Change in Gold Spot Price: -$16
Silver Spot Price Open: $24.03
Silver Spot Price Close: $23.55
Change in Silver Spot Price:-$0.48
Gold and silver posted losses for the second straight day as tensions regarding the civil war in Syria and possible Western intervention have eased significantly. When all was said and done, gold lost about 16 dollars while silver’s losses came close, yet again, to a half dollar.
Unemployment was reported as being down for the second straight month in July of this year though overall unemployment in Europe is still at an all-time high. This news complements early week reports of improved German business confidence. All in all the most recent economic news we have heard out of Europe has been extremely positive.
Tensions regarding military intervention in Syria have calmed down significantly seeing as the US is looking more and more like they do not want anything to do with military action in Syria. The Parliament of the United Kingdom also recently voted against a measure which would see the UK send troops over to Syria. Now it comes time for the US to decide whether they will engage in military action in the Middle Eastern country by themselves or whether they will sit by and watch the events unfold.
Seeing as the Syrian civil war has been going on for over two years with little to no intervention by the United Stated, it seems an odd time for them to get involved now, especially because of the overwhelming negative consequences such a military endeavor may yield. We can expect to hear some news regarding the matter over the weekend, so it is important that you be aware of the news even on Saturday and Sunday.
With the unofficial end of the summer taking place on Monday in the form of the US Labor Day holiday, the start of next week will likely be a slow one. That won’t last for long, however, because September is shaping up to be quite a busy month as far as trading and economic data are concerned.