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    JM Bullion Gold and Silver Market Update (11/8/13)

    Gold Spot Price Open: $1,308

    Gold Spot Price Close: $1,288

    Change in Gold Spot Price: -$20

    Silver Spot Price Open: $21.67

    Silver Spot Price Close: $21.56

    Change in Silver Spot Price: -$0.11

    Gold and silver both continued along their respective declines on Friday as investors witnessed a far better than expected employment report for October. When markets closed, gold had lost roughly 20 dollars while silver lost just a little over 10 cents.

    While the world marketplace was still digesting Thursday’s ECB meeting and outcome, Friday yielded the ever-important employment report for October. The market expected non-farm payrolls to rise by about 120,000, though the actual rise was over 200,000. This news was shocking to say the least, and helped strengthen the belief that the Federal Reserve may taper QE sooner rather than later. This news helped the US Dollar gain more value against the euro currency, which was still declining after yesterday’s ECB meeting.

    The US Dollar continuing to surge only means that an increased amount of downward pressure will be placed on precious metals. It will be interesting to see if the Dollar continues to make gains into next week or if its surge cools off a bit.

    In other news out of Europe, Standard & Poors credit agency was reported as having downgraded France’s credit rating to a new, lowered rating of AA. The famous credit agency cited the French government’s inability to stop recklessly spending as he reason behind the credit reduction.

    Over the next few weeks investors will continue speculating as to what QE’s future will be. Though some people believe this recent run of strong economic data out of the US will give the FOMC enough reason to taper QE, while other’s believe that the recent decision by the ECB has given the Fed more time to decide what they should do with monetary policy in the United States.

    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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