shopper approved
    2925.25
    9.72
    32
    -0.20
    998.64
    1.49
    1009.2
    -0.08
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    JM Bullion Gold and Silver Market Update (10/11/13)

    Gold Spot Price Open: $1,299

    Gold Spot Price Close: $1,273

    Change in Gold Spot Price: -$26

    Silver Spot Price Open: $21.95

    Silver Spot Price Close: $21.40

    Change in Silver Spot Price: -$0.55

    Gold and silver experienced moderate losses to close out the week as worldwide stock markets experienced an upswing on Friday. When markets closed on Friday gold lost about 26 dollars while silver lost a little bit more than half of a dollar.

    It is no surprise that gold and silver both took dives on Friday due to the fact that stock indexes everywhere were posting better readings. First, Asian and European markets excelled during the overnight and early morning hours, and immediately out of the gate US stock indexes followed suit. The overriding “risk-on” mentality being displayed by investors is bringing increased attention to worldwide stock markets while simultaneously deflating interest in precious metals.

    For the first time in a while we have seen some progress made by the US Congress as it appears fixed to make a deal with the President in regards to raising the debt ceiling. As of now, the preliminary agreement entails the raising of the debt ceiling for about 6 weeks so that Congress can hash out the budget situation in order to subsequently be able to give their undivided attention to the debt ceiling.

    We have seen positive increases in US stock indexes due to the belief that the US government may be open as early as the beginning of next week. It is likely that if the government does, in fact, reopen early next week, we will quickly see an influx of government economic reports that have been missing since the beginning of the month.

    Perhaps most excited to hear about the possibility of an end to the partial US government shutdown are the 800,000+ government employees who have been without a paying job since the 1st of October.

    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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