Posted on September 09, 2013
Gold Spot Price Open: $1,392
Gold Spot Price Close: $1,387
Change in Gold Spot Price: -$5
Silver Spot Price Open: $24.01
Silver Spot Price Close: $23.74
Change in Silver Spot Price:-$0.27
Gold and silver both made losses on Monday as the situation in Syria is making the biggest news on the day. When all was said and done, gold lost about five dollars while silver’s losses edged in on 30 cents.
This past weekend was mildly active as the most recent G-20 meeting came and went. Though there are many seemingly more important issues for the world’s most influential nations’ leaders to discuss, the main focus of the meeting centered upon Syria and the potential US involvement in the region. President Obama was there trying to rally support for his cause, but in all reality few other nations look at the prospect of a war with Syria as a beneficial one.
The only real positive that came from the G-20 summit was a Russian announcement that it will urge Syria to relinquish control of their remaining chemical weapons to the international community. It seems as though this is a sensible solution, and a logical one too. Now, we will have to see if Syria listens to its trading partner, and if they do, how will the US respond? As of now, however, the Middle East is a very unstable region.
In other news, China released some positive economic data over the weekend. The data stated that Chinese exports were up by about 7.2% on an annual basis, while imports mirrored those stats at up 7% from August of a year ago. The other pieces of economic data stemming out of China were more or less what was expected.
Next week is when things really start to get serious as the FOMC meeting is scheduled to take place. Even though last Friday greeted us with a weaker than anticipated US jobs report, the widely held belief is that the Fed will reduce its monthly bond-buying program by about 25%, or $20 billion per month. Until next week is upon us, the only news we will hear in regards to the Fed’s possible reduction of Quantitative Easing will be nothing more than speculation.