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    JM Bullion Gold and Silver Market Update (4/16/13)

    Posted on April 16, 2013


    Gold Spot Price Open: $1,371

    Gold Spot Price Close: $1,371

    Change in Gold Spot Price:Even

    Silver Spot Price Open: $23.51

    Silver Spot Price Close: $23.49

    Change in Silver Spot Price:-$0.02

    Gold and silver finally stopped their downward slide on Tuesday as spot prices held, at closing, about the same positions they were in when markets opened in the US. Gold had stayed more or less even at $1,371, whereas silver dropped just about two pennies on the day.

    Compared to closing prices on Monday it seems as though both gold and silver were able to rebound a little bit. That being said, the current spot price for both metals are still hovering in disappointing territories that they have not seen for quite some time now. It is no surprise that gold and silver were able to pick back up a little bit on Tuesday as the falling spot prices over the course of last Friday into yesterday were enough to bring bargain hunters out in droves. With such low prices some people could not help but make a few purchases.

    China, in particular, is one part of the world where purchasing took off after gold had fallen to record lows on both Friday and Monday. Citizens all over the huge Asian country were purchasing anything from gold in bar or round form to gold jewelry. As a matter of fact, many Asian jewelers and precious metals dealers were cleared of their entire stocks in just a few days time.

    The US dollar was also trading on a more somber note on Tuesday which helped push gold forward a bit more. Only time will tell if this week will end up seeing gold pick up a lot of their losses or if precious metals will pick back up on their huge slide downward.

    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.