shopper approved
    2874.77
    11.07
    32.04
    -0.33
    991.91
    -0.74
    1004.25
    -6.65
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    JM Bullion Gold and Silver Market Update (1/21/14)

    Gold Spot Price Open: $1,255

    Gold Spot Price Close: $1,242

    Change in Gold Spot Price: -$13

    Silver Spot Price Open: $20.37

    Silver Spot Price Close: $19.97

    Change in Silver Spot Price: -$0.40

    Tuesday was a day of ups and downs for precious metals as the overnight hours saw gold hit a 5-week high only to end up posting a loss for the day. When all was said and done, gold lost about thirteen dollars while silver’s losses settled near an even 40 cents.

    A lack of fresh US economic data made for a quieter day of trading on Tuesday as investors had little input to base new investing decisions off of. The IMF gave their contribution to recently strong worldwide economic data when they published their world economic outlook for 2014. Growth is expected to be strong this year and will only grow stronger as more positive worldwide economic reports are published.

    The annual economic and financial forum is being held in Switzerland this week and has stolen a lot of the attention from the small bits of economic data making their way to the marketplace. The forum is used as a way for people to share their inputs and opinions on the global economy and what they would do to combat certain issues. The meeting is a big deal each year it is held but is usually not the market-mover most people think it might be.

    In other news from around the world, the central bank of China injected fresh monetary stimulus into the Chinese economy as a way to ward off rising short-term interest rates. The monetary stimulus will also be used to fulfill Chinese citizens’ monetary needs in the lead-up to the Lunar New Year celebration at the end of the month.

    A Wall Street Journal report said that the Fed is planning on cutting back QE by another $10 billion at next week’s meeting. If such is the case this will mark the second $10 billion reduction employed by the US’ central banks in only a month and a half. As of now, the fear that the Fed may further reduce QE is working against precious metals spot values. As the week moves forward a continued lack of fundamental inputs will leave investors and market watchers little to do besides speculate about QE’s future, something that seems to already be setting in stone at this point.

    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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