Gold Spot Price Open: $1,318
Gold Spot Price Close: $1,365
Change in Gold Spot Price: +$47
Silver Spot Price Open: $22.03
Silver Spot Price Close: $23.13
Change in Silver Spot Price:+$1.10
Gold and silver maintained yesterday’s values and even built on them a bit as today’s numbers reflect yesterday’s almost exactly. When the day was through gold gained almost 50 dollars while silver gained a dime over a whole dollar.
Yesterday’s FOMC meeting is still the main piece of information on most people’s minds. Since many European and Asian markets were not able to fully react to the Fed’s inaction in regard to monetary policy in the US yesterday, today was the day when the news took full effect. Now, as it has been with nearly every other FOMC meeting where no changes to monetary policy were made, we wait and see how long QE will stay in operation.
The news of the Fed and their wariness about the actual strength of the US economy was great news not only for precious metals like gold and silver, it was also good news for most US stocks.
Some US economic data was released on Thursday, including the weekly jobless claims report and housing sales, though gold and silver did little reacting to this data. As we look forward to the next few weeks coming into the spotlight will be President Obama and whether him and his government can figure out what to do in regards to the debt ceiling and National budget. As this scenario unfolds it will undoubtedly have some sort of impact on the precious metals market, though what kind of impact remains to be seen.
At this juncture it is looking more and more like US military intervention in Syria was a false alarm as few news stories on the matter have hit the press this week. It is important to keep in mind, however, that we are speaking of the constantly volatile Middle East and there is no way of saying for sure what direction certain situation, including this one, are heading.
