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    JM Bullion Gold and Silver Market Update (12/24/14)

    Gold Spot Price Open: $1,179

    Gold Spot Price Close: $1,176

    Change in Gold Spot Price: -$3

    Silver Spot Price Open: $15.82

    Silver Spot Price Close: $15.80

    Change in Silver Spot Price: -$0.02

    Precious metals conceded some value today during quiet pre-holiday trading, but losses were mostly negligible. When all was said and done, gold lost three dollars while silver was down by only a few pennies. Platinum and palladium also finished the day down, but not by more than five dollars.

    Stocks Continue Rally During Pre-Holiday Trading

    Since the latter part of last week, stocks in the US and elsewhere have been trending upward and adding value at every turn. Thanks to yesterday’s upward revision of the latest US 3rd-quarter GDP report, stocks in the US and elsewhere have been given an even fresher boost. Markets closed early today, but even then, the Dow, Nasdaq, and S&P 500 all added value. For precious metals, the recent stock market surge has resulted in losses that have more than outdone the gains realized early last week.

    Stock markets across the world will be closed tomorrow in observance of the Christmas Day holiday tomorrow, and you can expect that when things get underway on Friday the market will be mostly quiet. In fact, with next week also being a holiday week, you can expect that the market will remain mostly quiet through to the end of the year.

    Oil Resumes Slide

    Though there weren’t many factors for investors to focus on today, the market did receive some bad news with regard to the price of crude oil. Oil’s value has been falling for much of the last 2 months and is acting as a weight on the value of all commodities. Though precious metals really didn’t fare too poorly on Wednesday, crude oil, as its price remains subdued, will continue help prevent metals from making any moves forward.

    As we head into 2015, there is no doubt in my mind that the price of crude oil will remain under the watchful eye of investors from around the world. Crude oil declining in value has been especially harmful to the Russian economy, so it will be interesting to see what, if anything, the Russian government does to counteract this debilitating outside factor.

    Speaking of Russia, it was reported today that the ruble has stabilized over the course of the past two days. The stabilization of the ruble was perhaps a result of a move made by Russia’s central bank last week to sell off $420 million of its foreign currency reserves in order to support the currency.

    Wrap-Up

    In all reality, today was a quiet day of trading featuring early-closing markets and lighter than normal trading volumes. Tomorrow will see most major stock markets closed and while Friday will be a “normal” day of trading, I anticipate that things will remain fairly quiet. The same can be said about next week too, seeing as the New Year’s holiday falls on Thursday. As we head into the beginning of January, however, I imagine that the marketplace will be abuzz with activity.

    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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