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    JM Bullion Gold and Silver Market Update (6/26/15)

    Gold Spot Price Open: $1,175

    Gold Spot Price Close: $1,177

    Change in Gold Spot Price: +$2

    Silver Spot Price Open: $15.93

    Silver Spot Price Close: $15.86

    Change in Silver Spot Price: -$0.07

    Gold and silver spot values did not move much on Friday to close out the week, but what movement did take place was in a downward direction. When all was said and done, gold did not move much at all while silver accumulated losses of close to ten cents. Platinum and palladium both finished the day in subdued positions, but neither metal fell by considerable margins.

    All Signs Point to Saturday for Greece Deal

    Day after day, week after week, it seems that all we have been talking about lately is Greece and their financial and economic problems. After months and months of negotiations, we are no further to seeing Athens and its creditors reach a deal than we were when the year began. The difference between now and all those other times, however, is that if a deal is not solidified within the next week, we may very well see Greece be forced out of the European Union.

    Many notable European leaders are set to meet this Saturday in order to discuss Greece and only Greece. This is not the first time a EuroGroup meeting like this has taken place, but unlike previous meetings, this one may present Greece with its last attempt to finalize a debt repayment restructuring deal before they are kicked out of the EU. While it is difficult to not become pessimistic when thinking about the possibility of a deal being reached on Saturday, this week has brought about new hope in the eyes of many leaders thanks to Greece submitting a proposal which saw Athens make considerable concessions to creditors.

    According to German Chancellor Angela Merkel, “We have been unanimous that the work should continue with the three institutions…the time is short. We bet everything for a solution to be found on Saturday.” Despite this commitment to reaching a deal this weekend, there are plenty of people, including myself, who have their doubts. In my opinion, Greece and their three main creditors (the IMF, ECB, and European Commission) are too far apart at present for a lasting deal to be drafted in such a short amount of time. For now, the stress being created by the Greek impasse is weighing on financial markets the world over. Surprisingly, gold and silver have ceased receiving safe-haven boosts from the Greek situation, but if no deal is reached this weekend I am of the opinion that that much might change come Monday morning. This is a pivotal weekend for Europe and the world, and all eyes and ears will be paying close attention to what happens throughout the day Saturday.

    Wrap-Up

    To be fair, this week was a poor one for precious metals, mostly due to a lack of any new supporting fundamental news stories. Apart from some light economic data from the United States, we have seen the undivided attention of the marketplace descend on Greece, and that has helped metals very little. For now, it seems as though technical selling is dominating the marketplace, though this is not all that unusual considering we are in the middle of the summer months. With a conclusion to the Greek debt debacle and quarter-end economic data just beyond the horizon, I am of the opinion that the first few weeks of July may see a good bit of price action by precious metals. Whether that means gains or losses, however, remains to be seen.

    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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