Posted on September 25, 2013
Gold Spot Price Open: $1,315
Gold Spot Price Close: $1,335
Change in Gold Spot Price: +$20
Silver Spot Price Open: $21.57
Silver Spot Price Close: $21.85
Change in Silver Spot Price:+$0.28
Gold and silver made positive gains on Wednesday as investors jumped on the metals at bargain prices. When all was said and done gold picked up about 20 dollars while silver gained nearly 30 cents.
The world marketplace was, for the most part, quiet once again on Wednesday. Gold and silver managed some hefty gains as far as spot values are concerned, though this can be mainly attributed to bargain-hunting thanks to a recent dip in spot values. Only a short while ago silver spot prices were edging on $24 while gold was flirting with the $1,400 mark for the first time in a long time. Since then, however, precious metals have taken a significant hit as far as spot values are concerned.
Amid a quieter world economic atmosphere the US debt and budget issues are making their way to the headlines. If the US government cannot decide upon a budget by the end of October, it will be forced to shut down. Though the shut down will, for obvious reasons, only be temporary, this whole scenario really speaks to how indecisive and unproductive the US government has been as of late.
Another shocking piece of information about the US is that it will hit its borrowing limit sometime this October. Both of these matters are serious and need to be figured out soon. If the US government is forced to shut down, it can be expected that heavy selling pressure will be levied on most markets and the US Dollar. What investors are wondering now is whether, during a government shutdown, gold and silver will follow every other market and decline in value or act as a safe-haven asset and appreciate.