Gold Spot Price Open: $1,695
Gold Spot Price Close: $1,699
Change in Gold Spot Price:+$4
Silver Spot Price Open: $32.32
Silver Spot Price Close: $32.32
Change in Silver Spot Price: NO CHANGE
After having a less than stellar performance last week, precious metals were hoping to improve once this week opened. While gold did manage to pick up 4 dollars on Monday, silver remained stagnant seeing no difference in price between major markets’ open and close. The reason we saw little movement on Monday and can expect to see little movement throughout the entirety of the week and likely next week as well is because the end of the year and major holidays are right on the horizon. Investors, at least at this part of the year, are spending more money on Christmas gifts than they are on precious metals and with a big upheaval in Washington DC approaching most are just sitting it out until after the new year.
On top of all the aforementioned reasons that investors are calming their activity down, they are also gearing up for the fiscal cliff and the impact that it will have on precious metals. As we all know, discussions on how to alleviate some of the impact are still in full throttle but it seems as though they are spinning on a hamster wheel because no tangible progress has been made up to this point to avoid the massive amount of impending spending cuts and tax hikes.
The news out of Europe is that the euro and European stocks suffered due to weak economic reports but the impact of this news was nothing major and will likely have little affect on gold and silver going forward. Rather, it seems that the world of precious metals investors will have their eyes carefully fixated on the US and the US only at least until after January.
