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    JM Bullion Gold and Silver Market Update (11/27/12)

    Gold Spot Price Open: $1,750

    Gold Spot Price Close: $1,744

    Change in Gold Spot Price:-$6

    Silver Spot Price Open: $34.11

    Silver Spot Price Close: $34.10

    Change in Silver Spot Price:-$0.01

    On Tuesday gold and silver slipped a little bit as news from Europe and the United States worked against the valuation of precious metals on the day. Gold dropped about six dollars and silver stayed about flat having lost only one penny.

    The news out of Europe was that a meeting in Brussels was the impetus for the reaching of a conclusion on what has become the great Greek Debacle of 2012. On Monday eurozone leaders came to the conclusion to give Greece at least some of the bailout money that was set aside for them. You see, the nation of Greece is almost totally out of money and many feared for the worst if a solution was not reached by this week especially because many originally thought a decision would have been reached by the end of last week.

    While the news from Greece did a little bit to boost European stocks, it did not have the same positive impact on the euro which started out the day strong but slipped as the day wore on.

    Additionally, the US Dollar had a good day today and we all know that usually when the USD is in form it means bad news for gold and silver. As always there is little doubt that the USD will be able to improve much upon today’s gains, but then again anything could happen in the currently turbulent markets we see every day.

    Any news regarding the future of monetary policy in the US could do a great job of pushing precious metals in one direction or the other, but we have yet to hear much on that topic in the first two days of this week.

    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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