Today’s AM fix was USD 1,730.50, EUR 1,345.86, and GBP 1,080.75 per ounce. Yesterday’s AM fix was USD 1,691.75, EUR 1,321.58, and GBP 1,058.80 per ounce.
Silver is trading at $32.01/oz., €25.18/oz. and £20.12/oz. Platinum is trading at $1,559.50/oz., palladium at $614.00/oz. and rhodium at $1,120/oz.
Gold soared $32.10 or 1.91% in New York yesterday and closed at $1,716.20. Silver surged to a high of $32.25 and finished with a gain of 2.76%.
Gold fell slightly in Asia prior to eking out further gains and rising above $1,730/oz. in early European trading after President Obama was confirmed as the next president of the United States.
Obama’s election means that quantitative easing, ultra loose monetary policies and currency debasement are set to continue in the world’s number one economy which is bullish for gold – and indeed silver.
The scale of the economic, fiscal and monetary challenges in the US are so great that whether Obama or Romney was elected, gold and silver were set to continue in their bull markets.
However, some market participants believe that Romney would have been more conservative – fiscally and monetarily.