Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold prices opened on Monday at $1,280.48. After a pullback in overseas trading, the yellow metal regained all ground lost and then some when U.S. markets opened, closing up on the day at $1,282.71. The price of gold opened slightly up on Tuesday at $1,282.89 and dipped in overseas trading before regaining momentum at the opening of the U.S. market. The close for the day was $1,273.14. Wednesday opened at $1,273.08, shuffled around that same level until the U.S. open, then took off on a bull run to close up $6.82 at $1,279.90. Thursday opened level with Wednesday’s close, shot up $1.58 in the first hour, and then experienced a pullback for the day to close at $1,267.98. Gold prices opened slightly down on Friday at $1,267.64, traded in a tight range around that level until the U.S. open, then surged upwards to close at $1,273.35 for the week.
The downward pressure on gold and the rest of the precious metals complex was again the result of a stronger dollar. World equity markets continued to perform well along with the dollar, but many analysts are calling the market a bubble and some are even predicting a market correction. The rising dollar was due to further optimism for a deal on tax reform; however, many critics argue that tax cut legislation will not be possible without ballooning the budget deficit and expanding the national debt—events that would increase gold prices. 1