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    JM Bullion Gold and Silver Market Update (4/23/14)

    Gold Spot Price Open: $1,282

    Gold Spot Price Close: $1,284

    Change in Gold Spot Price: +$2

    Silver Spot Price Open: $19.46

    Silver Spot Price Close: $19.51

    Change in Silver Spot Price: +$0.05

    Spot gold and silver were able to add marginal gains on Wednesday despite a number of bearish factors working against them. When all was said and done, gold gained about 2 dollars while silver was able to pick up about 5 cents.

    Some bargain-hunting buying was able to push both gold and silver spot values higher on Tuesday as the tensions in Ukraine also made their way back into the headlines. Despite both the United States and Russia supposedly working on ways to resolve the crisis in Ukraine peacefully, accusations are flying with regard to the actions of the pro-Russia militiamen who have taken up post throughout Ukraine’s eastern half. Ukrainian officials accused the pro-Russia rebels of both torturing Ukrainian citizens and firing upon Ukrainian aircraft in recent days. At the same time, Russia is warning Ukraine to refrain from taking further armed action against any Russians living in Ukraine, because the Kremlin will interpret that as an attack on Russia itself. As has been the case for the past two months or more, it will be interesting to see how things develop over the course of the next few days and weeks.

    Despite there being very few pieces of important US economic data on the slate this week, today yielded a few PMI readings from both the EU and China. As many were expecting, China’s manufacturing PMI reading was well below healthy levels and once again painted a picture of a manufacturing sector that is suffering and stagnating. The EU’s manufacturing PMI, on the other hand, confirmed widespread belief that the wider European economy is growing and is currently performing quite well. In the end, today’s PMI readings had no immediate impact on the value of precious metals.

    As we head into the last half of the week it is likely that the crisis in Ukraine will draw more attention as tensions pick back up. There are few other geopolitical or economic factors having any real impact on the market and that alone is something that is keeping gold and silver spot values more or less steady thus far this week.

    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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