Posted on September 11, 2013
Gold Spot Price Open: $1,365
Gold Spot Price Close: $1,366
Change in Gold Spot Price: +$1
Silver Spot Price Open: $23.05
Silver Spot Price Close: $23.25
Change in Silver Spot Price:+$0.20
Gold and silver did minimal moving on Wednesday, though the little movement both metals did record was positive. At the end of the day, gold picked up only about a dollar while silver gained about twenty cents.
Last night the US and the world was greeted with some surprising news as President Obama took to the television in order to address the country and thus the world. Though his speech was barely more than ten minutes, what he had to say was a bit shocking given the most recent developments in the Syria crisis. President Obama announced that he will, in fact, proceed with military strikes in Syria. He emphasized that these strikes will be limited, temporary, and will not involve ground troops, though the overwhelming majority of Americans continue to abhor the idea of military intervention in the Middle East.
There is no saying when exactly these attacks will be carried out, or what their larger-scale ramifications will entail, though as of now things are not looking too positive.
In other news, the world marketplace was relatively quiet on Wednesday due to most investors patiently awaiting next week’s FOMC meeting. As of now, the popular belief is that the Fed will announce that their bond-buying program will be wound down sometime in the immediate future. Though recent economic data has been mixed, it seems as though investors are preparing for a $20 billion reduction in the Fed’s Quantitative Easing program.
We will continue to monitor the situation in Syria because even though Obama announced that he will carry out attacks on the Middle Eastern nation, we do not know when those attacks will be nor do we know how the international community is going to respond to them.