Gold Spot Price Open: $1,684
Gold Spot Price Close: $1,682
Change in Gold Spot Price:-$2
Silver Spot Price Open: $31.43
Silver Spot Price Close: $31.54
Change in Silver Spot Price:+$0.11
Precious metals remained relatively stagnant and even declined a little bit on Wednesday, although to be fair it would be hard to imagine precious metals would gain more ground after the great first two days this week. Officially, gold lost about two dollars while silver gained a penny over a dime.
The main news on the day was that Germany’s Central Bank, the Bundesbank, confirmed plans to retrieve some of its gold reserves that were being held in the United States as well as the entirety of their reserves that are stored in France. This news, while significant, means very little to investors and does not mean that German banks are preparing for any sort of tumultuous economic atmosphere.
New predictions indicate that world economies may see slower economic recovery than originally anticipated. In fact, early predictions from financial markets indicate that gold is likely to hover above the $1,800 mark during 2013. As we have reached and passed the midway point of the week we look forward to a hopefully strong ending to the week barring any negative or detrimental news.