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    JM Bullion Gold and Silver Market Update (10/9/13)

    Gold Spot Price Open: $1,324

    Gold Spot Price Close: $1,308

    Change in Gold Spot Price: -$16

    Silver Spot Price Open: $22.43

    Silver Spot Price Close: $21.98

    Change in Silver Spot Price: -$0.45

    Gold and silver took decent hits on Wednesday as the partial US government shutdown has advanced into its 9th consecutive day with no end in sight. When markets closed, gold was looking at a loss of about 16 dollars while silver’s losses came very close to half of a dollar.

    The only piece of news today, other than the shutdown, that was able to clamber its way into the headlines was that of the release of the minutes from last month’s decisive FOMC meeting. As we could have guessed, however, the minutes painted the picture of a divided Federal Reserve in regards to the future of the United States’ monetary policies. Even still, many members of the Fed were seen, in the minutes, expressing their belief that Quantitative Easing still has the likelihood of being wound down to some extent before the year’s end. It is important to keep in mind, though, that these minutes were recorded far before the ongoing government shutdown. Now, with the shutdown almost reaching 10 days and the debt ceiling soon to be reached as well, the US economic and political atmospheres are much different than what they were when the Fed held their meeting towards the beginning of this past September.

    As the partial US government shutdown rolls on, today was yet another day where neither Republicans nor Democrats could offer anything constructive in the way of a resolution. Each side is being stubborn, and as long as this kind of attitude persists so too will the shutdown which continues to leave over 800,000 government employees with no means of receiving a paycheck to support their frustrated families.

    October 17th, barely a week away at this point, is being labelled the day when the US will default on its loans. If the debt ceiling is not raised in time, the uneasy feeling amongst investors in regards to the US economy could be turned into widespread panic. One recipe for guaranteeing such a panic is if the shutdown overlaps with the debt ceiling deadline. While before, it seemed far-fetched that the two would overlap, now each passing hour is inching us closer and closer to a seemingly unimaginable government and economic meltdown.

    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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