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    JM Bullion Gold and Silver Market Update (3/30/15)

    Gold Spot Price Open: $1,199

    Gold Spot Price Close: $1,187

    Change in Gold Spot Price: -$12

    Silver Spot Price Open: $17.03

    Silver Spot Price Close: $16.79

    Change in Silver Spot Price: -$0.24

    Precious metals opened up this week trading down across the board, in some instances by significant margins. When all was said and done, gold lost more than ten dollars while silver was down by nearly 30 cents. Platinum and palladium also lost on the day, with losses ranging from $10 to $20.

    Stocks, the USD Bounce Back to Begin Fresh Week

    As we start the new week and simultaneously bring March to a close, two of gold and silver’s main rivals had particularly nice days. After suffering losses through the whole of last week, the USD Index was finally able to bounce back against its rivals on Monday. Finishing the day up by nearly ¾’s of a percent, the Dollar did well to silence critics who were under the impression that the greenback was ready for a more elongated move lower. Of course, with plenty of economic data expected over the course of this and next weeks, I think that we are just seeing the beginning of USD price action.

    Going hand in hand with the Dollar’s upbeat performance today was the fact that US equity indexes were able to bounce back as well. With the Dow, Nasdaq, and S&P all making leaps forward greater than 1%, it is clear to see that today was an upbeat day for the US economy. Once again, however, economic data that will be released during the latter stages of this week and into next week will play a major role in determining where these indexes head over a longer period of time. For now, however, stocks as well as the Dollar are putting hefty selling pressure on metals.

    Violence In Yemen Eyed

    Perhaps providing gold and silver with just a bit of safe-haven demand is fighting in Yemen that has picked up considerably since Saudi Arabia made the announcement last week that they would be leveraging airstrikes against Yemeni rebel forces and positions.
    Not much in the way of headline-grabbing news took place in Yemen over the weekend, but with Saudi Arabia and Iran indirectly fighting in Yemen, the world will continue to keep a close eye on this conflict.

    In other news, Iranian nuclear talks with Western nations are expected to wrap up this week. Should a deal be reached, something that is seen as unlikely at present, the thought is that sanctions levied against Iranian oil may finally be lifted. This is bad news for the crude oil market because, if a deal is reached, it will mean that the already supply-glutted crude oil market will receive even more of a supply increase. As of now, it is thought that such a situation will result in crude oil prices being driven downward.

    For gold and silver, the prospect of oil prices being driven down is not a pleasant one. After all, the massive dive taken by oil only a month or two ago had a somewhat negative impact on precious metals. It is though that, should the oil supply glut grow, downward moving oil prices would bring metals’ spot values right down with them. Of course, there being a deal reached between Iran and the West is something that is still being touted as unlikely, so I am not going to hold my breath on the matter.

    Wrap-Up

    As we look ahead to tomorrow and the rest of the week, it is highly likely that investors will continue holding their positions. That is, of course, until economic reports from the first quarter of 2015 and March are made public. It is still the belief of many that the latter parts of this week and early parts of next week will be very much activity-filled, so I would gear up for a lot of price action come Wednesday or Thursday. That is, of course, should economic reports be very far in any direction from expectations.

    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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