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    JM Bullion Gold and Silver Market Update (10/27/16)

    Gold Spot Price Open: $1,269

    Gold Spot Price Close: $1,271

    Change in Gold Spot Price: +$2

    Silver Spot Price Open: $17.66

    Silver Spot Price Close: $17.59

    Change in Silver Spot Price: -$0.07

    Gold and silver made small strides forward on Thursday thanks to some economic data from the US that was not as positive as most were anticipating. When all was said and done, gold managed to gain about 2 dollars while silver actually ended up losing 7 cents. Platinum and palladium finished the day mixed, with platinum up a few dollars while palladium trekked backwards by almost 10 dollars.

    Light Economic Data Dealt Ahead of GDP Data

    Thursday saw most investors awaiting Friday’s 3rd-quarter GDP data from the US, but before that could happen a few other pieces of economic data were dealt. First was the pending home sales index report from the National Association of Realtors for the month of September. According to the NAR, the pending home sales index rose by one and a half percent to a new reading of 110. August’s reading was revised upward to 108.4 but even with that upward revision there was still a noticeable gain from August to last month. In general, today’s NAR report does well to highlight and drive home the fact that the US housing market is still performing well.

    In addition to that, today saw the publication of the weekly jobless claims report from the United States. After last week saw an unexpected rise in first-time claims for unemployment benefits, monetary policy hawks were hoping to see a rebound of sorts this time around. The data from the US Department of Labor showed that first-time claims last week fell by 3,000 when compared to the week before. This brought the seasonally-adjusted average number of claims down to 258,000 and did well to quell any fears that last week’s sub-par report might have created. We have now gone 86 weeks in a row without the seasonally-adjusted average number of claims exceeding 300,000. This particular stat is impressive for no other reason than the fact that the labor market has grown so much since the last time a similar run was recorded, back in the 1970s. Being that we have a much larger workforce and are still seeing jobless claims come in under 300,000 means that, if nothing else, there are plenty of jobs to be had.

    Durable Goods Orders Mostly Disappoints

    Gold and silver saw some of the pressure facing them lighten thanks to a September durable goods report that missed the mark in most respects. After August saw durable goods orders improve by .3% from the month before, September’s orders actually fell by .1%. Expectations called for the month on month durable goods data to move sideways so seeing the .1% decline was less than impressive.

    If you take out transportation orders, core durable goods orders actually rose .2%. This same data point fell by more than double that in August, so the positivity or negativity of this report all depends upon how you are viewing it.

    Wrap-Up

    All things considered, Thursday was a nice day of prep for Friday. There were a solid number of economic talking points and investors are, as of right now, unsure of what they can expect from the Q3 GDP data. Most people are anticipating that the data will be positive thanks to interest rate hike expectations, but there is no guaranteeing that such will be the case.

    Though there may be other happenings on Friday, you can bet that the undivided attention of the marketplace will be placed on analyzing and picking apart every last detail of the GDP data.

    Disclaimer: All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.

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