Gold Spot Price Open: $1,279

Gold Spot Price Close: $1,263

Change in Gold Spot Price: -$16

Silver Spot Price Open: $17.30

Silver Spot Price Close: $17.36

Change in Silver Spot Price: +$0.06

Precious metals finished mixed for a second consecutive day, but it was gold that was seen losing value yet again. When all was said and done, gold lost more than 15 dollars while silver managed to gain a little more than 5 cents. Platinum and palladium also finished the day mixed, but neither metal moved too far in any single direction.

Greece Developments Aid Stocks

Stock indexes in both the United States and Europe had great days today thanks, in large part, to a new attitude being exhibited by the newly appointed Greek parliament. It was reported today that members of Greece’s new parliament may be willing to work with the EU over pre-approved financial bailout measures. If you can remember, the marketplace was sent into a state of shock a few weeks ago when it was announced Greece’s new government may be doing away with EU-brokered austerity plans altogether.

If the European Union and Greece’s new government can see eye to eye on plans to fix Greece’s financial problems and government debt, European investors will be much more at ease. There is still a lot of talking that needs to happen, but today’s report worked to spark increased risk-appetite amongst investors in Europe and abroad. As such, equity indexes in the US and Europe traded significantly higher for a bulk of the day.

How to Analyze Crude Oil Price Action Becomes Imperative

Since the late parts of last week, crude oil has been on a rally of sorts. After making impressive gains on Monday and following through with gains today, analysts are attempting to decipher what all this means; is oil due for an extended rally? Are these gains going to diminish as fast as they arrived? And so on and so forth. As we move through this week it will be incredibly important for investors and market analysts to pay attention to crude oil’s price action. The main reason for this being that anything that crude oil does on the open market will undoubtedly have some sort of impact on gold and silver spot values.

Australian Central Bank Joins Currency Wars

It seems as though with each passing week, a central bank decided to alter interest rates or otherwise change monetary policy. This time it was the Australian Central Bank who reduced its main interest rate in an effort to devalue the AUD and encourage spending. As you could have probably guessed, this move ended up helping the US Dollar surge to a 5.5 year high against the Aussie currency.

For precious metals, today’s move on the part of the ACB did not have too much of an effect, but as currencies around the world continue to be manipulated by central banks, it is highly likely that the uncertainty created will help metals push forward.

Wrap-Up

Despite quite a few headlines, the reality of the matter is that Tuesday was a particularly slow day at the office. As we look forward to Wednesday and the rest of the week, I would not be at all surprised to see a quiet marketplace persist. For precious metals, a quieter market has thus far worked against them, so it will be intriguing to see how things play out over the course of the next 3 days or so.