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    JM Bullion Gold and Silver Market Update (2/7/13)

    Posted on February 07, 2013

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    Gold Spot Price Open: $1,677

    Gold Spot Price Close: $1,672

    Change in Gold Spot Price: -$5

    Silver Spot Price Open: $31.85

    Silver Spot Price Close: $31.50

    Change in Silver Spot Price:-$0.35

    Gold and silver both finished the day down a bit as many blame the dip in value to comments made by the head of the European Central Bank. At the end of the day gold was only down about 5 dollars while silver was down a whopping 35 cents.

    Mario Draghi, head of the European Central Bank, announced that while the early part of 2013 may be disappointing for investors but as the year pushes forward economies across Europe should begin to show lasting signs of improvement. Draghi also went on to comment that the recent rise in value of the euro was a bit concerning, and this caused the euro’s price to drop significantly on the day.   In light of the euro dipping in value, the USD saw a strong performance on Thursday.

    Tomorrow, eyes will be on China as they are set to release all sorts of relevant economic data. Any news out of China will be scrutinized heavily as they are set to take the whole of next week off in order to celebrate their New Year.

    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.