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    JM Bullion Gold and Silver Market Update (3/5/15)

    Gold Spot Price Open: $1,202

    Gold Spot Price Close: $1,199

    Change in Gold Spot Price: -$3

    Silver Spot Price Open: $16.25

    Silver Spot Price Close: $16.27

    Change in Silver Spot Price: +$0.02

    Precious metals didn’t do all that much moving throughout the day on Thursday and finished the day posting mixed results. When all was said and done, gold lost around 3 dollars and found itself just on the fringe between $1,200 and $1,199/ounce. Silver, on the other hand, managed to gain about two cents by the time markets closed. Platinum and palladium both finished the day down by about three dollars.

    USD Index Threatens Precious Metals

    For a second consecutive day, the USD Index hit a fresh 11.5 month high, something that was always going to make it difficult for precious metals to retain gains. As surprising as it may be, both gold and silver had been posting decent gains through the early morning hours, but those gave way by the time the afternoon rolled around. Typically, the Dollar and precious metals have an inverse relationship, and that is exactly what we have seen the last few days.

    The USD Index will likely be affected, in one way or another, by the release of the latest US employment data sometime tomorrow morning or early afternoon. As it stands, market experts are anticipating that at least 240,000 new jobs were added to the US economy last month. Any job growth figure that falls short of expectations will likely help out precious metals, while any recording over that mark may very well doom metals to even more losses. As it stands, however, it is looking like gold and silver will finish the week posting losses for the 5-day trading session.

    Some Subtle European, Chinese News

    During the overnight and early morning hours of Thursday, China’s Prime Minister announced that he would be reducing 2015’s GDP growth expectation to an even 7%. This is news because the previous expectation was for annual growth of 7.5%. China, a country that has been at the center of a lot of monetary policy changes recently, is still on pace to outperform most other major economies this year. Still, by Chinese standards, this year’s projected growth is a far cry from normal.

    Today marked the second and final day of the latest European Central Bank meeting, but nothing really came as a result of it. QE measures, however, go into effect this upcoming Monday. Though it will take some time, it will be interesting to see what kind of effect QE has on the Eurozone economy. As far as today’s ECB meeting is concerned, however, there really wasn’t much there for investors to react to. Still, as time moves forward, we will continue to keep a close eye on anything and everything happening across Europe from financial, economic, and geopolitical standpoints.

    Wrap-Up

    There is no denying that today was, by far, the slowest day of the week from an economic data perspective. Very few pieces of noteworthy data were made public and it is clear to see that most investors are awaiting the release of tomorrow’s US employment data. Perhaps also playing into the slow nature of today’s marketplace was a big winter storm that encompassed much of the Northeast. With most people stuck at home and away from the office, trading was naturally a bit muted in the United States.

    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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