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    JM Bullion Gold and Silver Market Update (2/7/14)

    Gold Spot Price Open: $1,258

    Gold Spot Price Close: $1,268

    Change in Gold Spot Price: +$10

    Silver Spot Price Open: $20.06

    Silver Spot Price Close: $20.08

    Change in Silver Spot Price: +$0.02

    Gold and silver both made gains to close out what has been a positive week for both metals. When all was said and done, gold gained about ten dollars on the day while silver gained a mere two pennies. On the week, silver has gained nearly a dollar while gold has picked up more than $30.

    The most important piece of information released this week came today in the form of the employment report for January. Even after December’s dismal jobs report the market still expected 190,000 jobs to be added in January. The report, released this morning, showed that only about 113,000 jobs were added last month, the second consecutive disappointing monthly jobs report. Now, as you might have expected, many are beginning to question whether the Fed should have ever made the decision to taper, and then the decision to taper again. While this is a valid set of inquiries, most market experts are convinced that the tapering will continue in forthcoming months.

    Gold and silver made solid gains in the wake of the jobs report, but so too did most US equity markets. The uplifted US equity markets stole some of the spotlight and, in the end, was one of the sole reasons precious metals didn’t make even larger gains today. Regardless of today’s performance, it is becoming increasingly clear that safe-haven demand for gold and silver is on the rise in light of recently unstable economic conditions. As questions with regard to the strength of the US economy continue to surface, investors will likely more readily turn to safe-haven assets like gold and silver. It is also important to keep in mind that most Asian markets will remain quiet for the next few days as they continue to recognize the Lunar New Year celebration, a factor that will undoubtedly continue to have an impact on the global market in one way or another.

    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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