Over the week, the financial crises deepened in the Euro zone. Greece is once again at the negotiating table for more bailout money in exchange for more austerity measures to cut back on government spending. The lack of agreement has struck fears in the market that the deadline of March 20th for the bonds given to the Greek government will not be paid on time or worse, they will begin to default on their debt. As a result of this disagreement the Greek currency, the Euro, has dropped in value creating a stronger US dollar in the global marketplace.
Gold and silver prices, which are known to rise as the US dollar value falls and fall as the US dollar rises, have taken a dip over the course of the past week. Gold that is set to be delivered in April of 2012 holding a previous price of $1740.08 has dropped .88 percent to $1724.90 per troy ounce. Silver, on the other hand, has had its value remain steady over the course of the week and remains at the value of $33.75 per troy ounce.
Prices of spot gold and silver per gram have also dropped over the past week in response to the trouble in the European market. Spot gold values per gram have dropped .23 percent reaching $55.16. Spot silver prices have dropped .37 percent to $33.38.
As long as the Euro zone struggle to regain control of their debt the US dollar appears to be stronger in the global marketplace, placing the outlook for gold and silver prices on a shaky start to the year.