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    JM Bullion Gold and Silver Market Update (6/12/15)

    Gold Spot Price Open: $1,181

    Gold Spot Price Close: $1,182

    Change in Gold Spot Price: +$1

    Silver Spot Price Open: $16.04

    Silver Spot Price Close: $15.96

    Change in Silver Spot Price: -$0.08

    Gold and silver posted mixed results by day’s end on Friday, but neither metal really moved too far from where they began the day. When all was said and done, gold managed to eek out a single dollar’s gain while silver declined by almost ten cents; pushing silver’s spot value below $16. Platinum and palladium both ended the week on a sour note, with platinum being the bigger loser of the two.

    Overall Investor Attitude Remains Bearish on Metals

    Much to the surprise of almost no one, it is widely expected that next week will be yet another negative one for gold and silver. Though this week saw gold and silver battle back against almost a whole month of consecutive losses, the latter parts of this 5-day trading session have proven to be none too beneficial for gold nor silver. The fact that gold cannot seem to get its head above the $1,200 mark is unnerving to some investors, as is silver’s dip below $16/ounce recorded today.

    A poll of market experts and investors performed by Kitco showed that nearly 3/4’s of the 400+ people polled expect that metals’ spot values will continue to decline next week. With the FOMC meeting expected to kick off on Tuesday and wrap up Wednesday afternoon, you already know where the attention of the global marketplace will be fixated.

    What will really be interesting, however, is whether or not we are dealt any further information regarding interest rate hikes. The last two weeks have seen investors grow in confidence that an interest rate hike will be taking place in the near future, but there has been little concrete evidence to confirm these beliefs. Hopefully, the Fed becomes a bit less cryptic in their statements and press conferences following next week’s meeting. Until then, however, you can expect that the speculation will only continue to grow.

    Much of the Same For Greece

    According to reports made public earlier in the day, talks between Greece and the nation’s creditors are going to continue, but it is up to Greece to do what it needs to do to strike a deal. Jean-Claude Juncker, European Commission president, said today that the talks will pick back up but Greece need to stop playing hard ball.

    Basically, the sentiment across Europe is that Greece is doing everything it can to make things difficult on itself. After putting forth proposal after proposal for a deal, all of which have been shot down by the EU/IMF, Greece needs to make a concerted effort to push a deal through. Some members of the European Commission were more animated than Juncker, saying things like, “Greece needs to stop gambling with its EU future.” This much is true, but with what the past few months have brought us, I am not so sure a deal will be struck. As is the case with interest rates in the US, it is extremely difficult to tell what direction the situation with Greece will head in. On one hand, I would like to think Athens will sit down and cooperate with creditors’ demand, but my gut is telling me that such will not be the case

    Wrap-Up

    All in all, this week was more of a negligible one than anything else for gold and silver. Metals did not make major moves, and now the marketplace is more or less sitting still, waiting for next week’s FOMC meeting to happen. Between now and then you can expect a lot of speculation, though I wouldn’t read into much of any of it until Janet Yellen addresses the media in the wake of the FOMC meeting.

    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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