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    JM Bullion Gold and Silver Market Update (10/9/15)

    Gold Spot Price Open: $1,147

    Gold Spot Price Close: $1,159

    Change in Gold Spot Price: +$12

    Silver Spot Price Open: $15.87

    Silver Spot Price Close: $15.92

    Change in Silver Spot Price: +$0.05

    Precious metals gained on Friday and finished the day in good standing thanks to renewed buying interest throughout much of the past 5 days. When all was said and done, gold managed to gain more than ten dollars while silver’s gains were more limited in nature and tallied only about 5 cents. Platinum made an extraordinarily nice finish to the week by gaining more than 30 dollars on Friday. Palladium also gained, but only by a more modest 6 dollars or so.

    Eyes Turn to Chinese Data Release

    Next week is going to offer investors a bit more insight into how the global economy is faring thanks to some inflation and trade data from China. Tuesday is set to bring about September’s trade data while Wednesday will bring about the country’s most recent inflation data. Chinese data is so important because so many global economies are linked to China’s, and if China is continuing to perform poorly it is widely believed that many other economies will perform poorly as well. Should economic data stray too far from expectations, it will be interesting to see how the global economy reacts.

    As it stands, the economic data China is set to release over the course of the next few weeks is expected to be on the weaker side of things. As such, expectations that the Chinese Central Bank will institute further easy money policies will only grow stronger. There is also some very important data from the European Union expected to be released next week, and like the data from China it is anticipated to be weak in nature.

    Fed Member Says 2015 Rate Hikes Still Possible

    Outspoken voting member of the FOMC, Atlanta Federal Reserve chairman Dennis Lockhart commented today saying that interest rate hikes in 2015 are still possible. Though he still believes that rate hikes will happen this year, he did concede that this outlook has grown bleaker over the past few weeks. He also admitted that recent economic data from the US has sent mixed signals regarding the overall strength of the US economy.

    In a statement, Lockhart said that “While I have not changed my basic outlook, very recent data have not provided much confirmation that my narrative still holds. I perceive a touch more downside risk today than I saw some weeks ago.” Lockhart is especially interested in consumer activity. He will analyze this data closely before deciding whether to vote for or against interest rate hikes at the October, November, and December meetings. Though many people are hanging it up and coming to terms with the fact that interest rates may not be raised this year, it is important to remember that there is still the better part of three months left in the year and absolutely anything can still happen.

    Lockhart continued by saying, “I continue to feel that cumulative progress is consistent with liftoff relatively soon.”

    Wrap-Up

    All in all, this week was a positive one for precious metals. Both gold and silver finished the 5-day trading session in a better position than where they started it, and with expectations for a rate hike in 2015 being diminished by the day, gold and silver very well might open next week in positive fashion as well. The focus of the marketplace will turn to a slew of Chinese economic data expected to be made public next week, as well as the upcoming October meeting of the Federal Reserve.

    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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