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    JM Bullion Gold and Silver Market Update (2/27/14)

    Gold Spot Price Open: $1,330

    Gold Spot Price Close: $1,331

    Change in Gold Spot Price: +$1

    Silver Spot Price Open: $21.35

    Silver Spot Price Close: $21.30

    Change in Silver Spot Price: -$0.05

    Gold and silver have bounced back from yesterday’s losses and are posting minor gains today. When the day was through, gold picked up a little more than a dollar while silver lost about a nickel.

    The main piece of information on every investor’s mind today was that of Janet Yellen’s address to the US Senate Banking Committee. In all, Yellen’s remarks were more on the bearish side for precious metals as she made it clear that the Fed will likely continue to cut back on Quantitative Easing. With that being said, however, Yellen reiterated the fact that tapering and any other Fed decisions are not on a “preset course” and stand to change as worldwide economic conditions do. She also said that the recently weak batches of economic data we have been witnessing are largely due to the terrible weather much of the United States experienced during January and most of this month.

    Matt Maley, an economic strategist who works for Miller Tabak & Co., remarked, “Yellen said that they would consider pulling back on their tapering schedule if the economy slowed in a meaningful manner.” This means that if the sub-par economic conditions do continue, tapering may be put on hold; an event that would be wholly beneficial for gold and silver.

    US stocks made gains in the wake of Yellen’s remarks, though these gains were not of any great significance and did not put too much pressure on gold and silver. It will be interesting to see if gold and silver can end the day tomorrow having posted gains for the week or if this will be the first 5-day session in over a month with losses recorded.

    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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