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    JM Bullion Gold and Silver Market Update (3/6/13)

    Gold Spot Price Open: $1,573

    Gold Spot Price Close: $1,585

    Change in Gold Spot Price: +$12

    Silver Spot Price Open: $28.56

    Silver Spot Price Close: $29.08

    Change in Silver Spot Price:+$0.52

    Gold and silver both saw modest gains today for the first time in well over a week. When all was said and done gold had picked up about 12 dollars while silver gained an impressive 52 cents.

    The Federal Reserve was in the news again this week as they unleashed their “beige” book for the public to see. While speculators may have been expecting dreadful news for precious metals, they found nothing of the sort. Instead, the beige book expressed and reinforced the fact that the current monetary policy going on in the US is going to retain its shape, at least for the time being. This news once again boosted the outlook for precious metals.

    The beige book’s main point was that the US economy is recovering, but has not reached a recovery point that warrants an abandonment of the current Monetary Easing program.

    News of an improving unemployment rate was not even enough to turn precious metals backwards which is surprisingly good news for investors. US stock markets have also improved for a second day in a row despite many believing that after yesterday’s surprisingly strong performance we would see a serious drop off today. All of these indicators are signs that the US economy is really recovering and is, in fact, arguably the strongest current world economy; a position it has not been in for quite some time now.

    There was a bond auction in Germany and it yielded very weak results, further proving that European investors are not exactly wiling to spend or take risks in such a tight economic time. With US stocks on the rise, we hope that gold and silver will continue to progress as this week comes to an end.

    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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