Gold Spot Price Open: $1,409
Gold Spot Price Close: $1,392
Change in Gold Spot Price: -$17
Silver Spot Price Open: $24.43
Silver Spot Price Close: $23.55
Change in Silver Spot Price:-$0.88
Gold and silver gave back most of the gains they had made over the past two days as Wednesday was rampant with profit-taking investors. On the day, gold lost about 17 dollars while silver’s losses closed in on 90 cents. Thanks to the release of the Fed’s “beige” book, the safe-haven qualities we saw precious metals boast only a day ago have been overrun by the threat of an impending drastic change in monetary policy.
Today, the Fed released its “beige” book, and what was revealed was not shocking in the least. The “beige” book indicated that the US economy is improving slowly in some sectors and at a more moderate speed in others. All in all, however, the outlook on the US economy is improving dramatically, which only means that those calling for a halt or minimization of the Fed’s current bond-buying program will voice their opinion even louder in the coming weeks.
While we await the Fed’s upcoming September meeting, every investor will be playing the speculation game, one which may see the spot values of precious metals bounce around dramatically. The latest US jobs report is coming out on Friday, and at this point many are expecting it to be indicative of an overall improving US economy. If such is the case, it is hard to imagine that the Fed will remain inactive when it comes to addressing monetary policy at their upcoming meeting.
The impending attacks on Syria by the US still have the world marketplace on edge, though no major developments have happened in regard to that situation since yesterday. Even though President Obama does not seem to be chomping at the bit when it comes to launching missile strikes in Syria, the fact that Congress approved his request to use force against Assad’s regime seems to indicate that an attack of some caliber is going to happen sometime in the near future.
As we look ahead to tomorrow, the European Central Bank and the Bank of England both have their policy meetings. As of now there is not any shocking news expected to be released, though there always stands a possibility.
