GOLD EDGES AHEAD AS OIL PRICES DIP
Precious metals prices have stayed fairly steady this afternoon, with Gold showing a slight rise. Oil prices fell toward the end of today after the U.S. dollar rose and more negative news about America’s economic status was released. As the euro and the dollar seemed to fluctuate against each other today, Gold came out the winner as investors moved toward a safe haven and away from fluctuating fiat currencies.
In an effort of preventative maintenance, the European Union had 25 of 27 nations sign up for a tighter fiscal union in which the European Court of Justice had the power to fine countries that would not stick to the budget deficits set by the EU. During such an uncertain time, not only locally but abroad, many people are faced with the realization that things might not all be under control. It is becoming more obvious that there are certain aspects of fiat currencies that can leave investors or others vulnerable, thus opening their eyes to the need for safe-haven investments.
Not to be forgotten is the Arab Spring that continues to rear its head. Arab leaders are urging the U.N. Security Council to help the Syrian people, claiming that Syria has failed to make reforms and continues to use deadly force against protesters.
At 4 p.m. (CST), the APMEX precious metals spot prices were:
- Gold - $1,732.00 – Up $6.40.
- Silver - $33.20 – Down $0.40.
- Platinum - $1,591.00 – Down $26.30.
- Palladium - $688.00 – Down $1.50.