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    JM Bullion Gold and Silver Market Update (12/10/12)

    Gold Spot Price Open: $1,704

    Gold Spot Price Close: $1,714

    Change in Gold Spot Price:+$10

    Silver Spot Price Open: $33.11

    Silver Spot Price Close: $33.31

    Change in Silver Spot Price:+$0.20

    With the beginning of a new week brings about a whole slew of news from around the world that have or will affect the price of both gold and silver. Monday saw both metals improve upon their opening marks and slightly dig their way out of the whole that seemed to be getting deeper and deeper throughout the whole of last week. Gold picked up about ten dollars while silver gained a respectable twenty cents.

    The Federal Reserve’s Open Market Committee is set to meet later this week and it is rumored to have huge implications on the fiscal cliff. Many gold and silver investors are hoping that the result of the meeting will mean good news for them but we all know how easily that hope can be flipped on its head. While many still hold that a deal can be reached, officially they are saying that there is only about a 40% chance that a resolution will be determined before the end of the year.

    Italy’s Prime Minister Mario Monti announced his resignation today which was temporary good news for precious metals investors as the euro took a dip that it later recovered from.

    Finally, a report that was released on Monday determined that the economies of the US, UK, and China will all be showing signs of growth throughout 2013 while Japan, Canada, and a majority of European economies will see a contraction. As you can clearly see the world economy is still very much unstable.

     

    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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