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    JM Bullion Gold and Silver Market Update (5/29/15)

    Gold Spot Price Open: $1,190

    Gold Spot Price Close: $1,191

    Change in Gold Spot Price: +$1

    Silver Spot Price Open: $16.75

    Silver Spot Price Close: $16.78

    Change in Silver Spot Price: +$0.03

    Precious metals were able to add marginal value to close out Friday’s trading session, but the week is still being chalked up as a loss for metals. When all was said and done on Friday, gold gained about a dollar while silver improved by 3 cents or so. Platinum and palladium edged downward by day’s end, but by small margins.

    US GDP Shrinks for Third Time Since Expansion

    In recent months, it really has been no secret that the US economy is suffering a few setbacks. For one, raw economic data has been consistently missing the mark since the time this year began. Add that to consistently inconsistent employment data and you have an economy that has thus far failed to gain an identity this year. Things only got worse for the US economy when revised first-quarter GDP numbers were released earlier today.

    On an annualized rate in the first-quarter, US GDP shrunk by .7%. Previous reports claimed that the United States’ GDP ticked up by two tenths of a percent, which was neither here nor there for most people. This .7% decline on the part of first-quarter US GDP was the largest such decline since the first-quarter of 2014 where inordinately cold temperatures stunted growth. Bad temperatures and weather are also being blamed for today’s revision, but other economic factors that play into this decline cannot be overlooked. One of these things is a growing trade deficit thanks to a stronger US Dollar. As we head into the weekend and look ahead to next week, it will be interesting to see what kind of impact today’s revision has on the interest rate hikes speculation conversation.

    Look Out For Metals Next Week

    As it stands at this point, investors and market analysts alike are preparing for a big week next week, especially for gold and silver. With today’s economic data effectively destroying US stocks, and worries regarding Greece still abounding, it is hard to believe that safe-haven demand will not tick up a good bit.

    Still, with that being said, things like a last-minute deal and improved economic data from the US can quickly throw gold off of gains. Experts are already looking to May employment data as the hot-ticket data point expected out over the next few weeks. Up there in importance will be next week’s reading on weekly jobless claims from this past 5-day trading session. Most are expecting employment data to continue improving, so this is not such good news for metals investors.

    Wrap-Up

    When it comes down to it, the marketplace is in a constant state of flux–even more so than usual this week. Looking ahead to the week to come, no one is quite sure what to expect. On one hand, we could wake up Monday morning to find that Greece is going to default on loan payments, but still, there remains the possibility for a last-minute deal. We will continue keeping a close eye on these negotiations, though I personally am not holding my breath with regard to a deal being struck.

    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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