shopper approved
    2677.91
    -73.32
    31.37
    -1.44
    1000.46
    -8.25
    1076.51
    -27.29
    banner-update21

    JM Bullion Gold and Silver Market Update (3/18/13)

    Gold Spot Price Open: $1,598

    Gold Spot Price Close: $1,607

    Change in Gold Spot Price:+$9

    Silver Spot Price Open: $28.86

    Silver Spot Price Close: $28.93

    Change in Silver Spot Price:+$0.07

    More European financial worries give precious metals a slight boost to start the week. At the end of the day on Monday gold was up about 9 dollars while silver remained relatively flat having only picked up about 7 cents.

    The big news story of the day stems from Europe, and more specifically the small island country of Cyprus. Recently their government, who is in dire need of an EU bailout, agreed to a bailout plan that will see Cyprus receive over 10 billion Euros. This plan sounds all fine and good until you step aside to read the fine print, where it says that any Cypriot with money in the bank will see their accounts slashed by 10% in order to fund the bailout. Because no Cypriot was allowed to vote on the measure, many were extremely angry when it was announced that it would be set into motion. As a way of protecting their own money, worried Cypriots rushed to the banks and ATMs in order to withdraw their balances before any can be taken away. This led to a shortage of money and forced Cyprus banks to be closed for the early part of this week. This news story as a whole did a good job of boosting hard assets such as precious metals. It is still an ongoing ordeal so it will be interesting to see how things pan out over the course of the next few days and weeks.

    This whole situation caused the euro to drop which in turn prompted the USD to have a great day at the office, yet again. The US dollar having a good run of form is continuing to mute the potential gains precious metals could be seeing right now. Stay tuned as this episode of European drama begins to heat up.

    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.

    Top Stories

    Which is Heavier, Gold or Silver?
    What is Premium Over Spot?
    How to Sell Your Costco Gold Bars
    Read More

    Subscribe to JM Bullion’s newsletter to receive timely market updates, sales and giveaways.