Posted on September 02, 2013
Gold Spot Price Open: $1,394
Gold Spot Price Close: $1,393
Change in Gold Spot Price: -$1
Silver Spot Price Open: $23.48
Silver Spot Price Close: $24.24
Change in Silver Spot Price:+$0.76
Gold and silver experienced mixed fates on Monday as the trading atmosphere was a lot quieter due to a majority of the US workforce taking the day off in observance of the Labor Day holiday. When all was said and done, gold lost about a dollar while silver managed to gain over 75 cents.
Only a week ago, we saw gold and silver making substantial gains due to increased tensions over possible US involvement in the Syrian civil war. Now, tensions have eased up as an attack by the US on Syria seems much less imminent, though still very possible. Obama recently asked Congress’ permission to attack Syria, contrary to the popular belief that he was simply going to attack the nation without being given official approval. Now we await what Congress has to say on the matter, though it seems as though a majority of the world, and Americans, do not want the US causing more violence in the Middle East.
We will keep our eyes on all major news outlets in order to keep you aware of all the latest developments regarding possible US intervention in the Syrian civil war.
In other news, there is a growing belief that the upswing in the spot values of precious metals will not last too much longer. Despite gold having risen over 15% since the end of this past June, a possible change in monetary policy in the United States has caused some to worry about what the future holds for gold and silver. The Fed, which has its monthly meeting coming up, is rumored to possibly change its monthly bond-buying initiative, also known as Quantitative Easing. If QE is wound down or even done away with in the coming months, this could mean for a rise in the value of the Dollar and thus put heavy downward pressure on precious metals.
As the summer comes to an unofficial end, gold and silver are still sitting on some decent gains from where they were a few months ago. While the sustainability of precious metals’ past few months’ gains has recently been called into question, the value of gold and silver, at this point, is significantly higher than it was at the beginning of the summer.