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    JM Bullion Gold and Silver Market Update (6/17/16)

    Gold Spot Price Open: $1,288

    Gold Spot Price Close: $1,301

    Change in Gold Spot Price: +$13

    Silver Spot Price Open: $17.50

    Silver Spot Price Close: $17.47

    Change in Silver Spot Price: -$0.03

    After finishing the day Thursday having posted small losses, metals bounced right back on Friday and finished the week on a positive note. When all was said and done, gold managed to add 13 dollars while silver finished down by about 3 cents. Platinum and palladium both gained to close out the week, however their gains were quite small and did not do all that much in the way of moving spot values.

    BRExit Referendum to Potentially be Postponed

    Apart from the FOMC meeting this week, the focus of investors the world over was on the upcoming referendum vote which may see the United Kingdom leave the European Union. With the odds in favor of such a move being made, precious metals were gaining even more momentum simply because no one was sure what a UK-less EU might mean for local, regional, and global economies. As is often the case, this uncertainty played into the favor of precious metals and spot values appreciated nicely.

    Thursday, however, saw metals lose some of their momentum as rumors that the referendum would be postponed began to circulate. Those rumors were confirmed today. The referendum has been put on hold for the time being out of respect for a British MP who was shot, stabbed, and eventually murdered by one lone person. Jo Cox, a respected and well-known member of the British government, had been very much involved in the referendum process before she was killed.

    Because no one is quite certain when the referendum will now take place, we saw gold and silver spot values back off a bit towards the end of the day on Thursday. Friday saw a bit of a bounce back, but we are still unsure of when the vote is going to take place. As we look forward to next week, you can bet that the investing world will continue to ponder just when the UK will decide their collective future.

    OECD Predicts Strong US Growth in 2017

    The Organization for Economic Cooperation and Development, based out of Paris, France, made a statement today saying that they fully expect the US economy to continue expanding through the next few years. For 2017 especially, the OECD anticipates that growth will be particularly strong.

    According to a statement released by the OECD, “Seven years after the financial crisis, the United States is making a comeback. The U.S. economic recovery, while modest by historical standards, has been one of the strongest in the OECD.” This is good news to hear because we are in the midst of a testy period economically, and these expectations may give the struggling US economy a bit of a boost. Even with the slow growth the US has put forth year after year, the pace of growth has been better than that of most other major economies around the world.

    Wrap-Up

    Gold and silver finished the week on a positive note and are still ahold of plenty of momentum as we head into one of the final trading weeks of June. The attention of the marketplace will slowly but surely shift to the UK referendum, but at this point it is still unclear when that will take place. Hopefully, by the time Monday rolls around, we will have a bit more information with regard to when the referendum vote will take place.
    Other than that, it will be interesting to see if gold and silver will be able to keep gaining when things open back up on Monday. It seems as though things are in favor of the gold bulls, but anything can happen between now and the beginning of next week.

    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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