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

    Gold Spot Price Open: $1,182

    Gold Spot Price Close: $1,187

    Change in Gold Spot Price: +$5

    Silver Spot Price Open: $16.04

    Silver Spot Price Close: $16.16

    Change in Silver Spot Price: +$0.12

    Precious metals managed to add some value to start off the new week thanks to increased safe-haven demand and a weaker US Dollar. When all was said and done, gold managed to add about five dollars while silver gained more than ten cents, closing back above $16/ounce. Platinum and palladium both moved forward, but only by about a dollar or two apiece.

    Metals Gain on Greece Worries, Weaker US Dollar

    Though we have emerged in a new week, the story hasn’t changed all that much. Negotiations between Greece and its creditors have not gone any better over the weekend than they did last week, boosting safe-haven demand related to worries that Greece may soon be ousted from the EU. In case you missed it, last week brought about a few changes that have many believing that negotiations are soon going to come to a conclusion without any progress being made. Despite us continually hearing positive thoughts about a deal being reached, many investors are beginning to come to grips with the reality that Greece may not be able to pay back creditors.

    The US Dollar trended downward to begin the week as investors the world over look ahead to June’s FOMC meeting, which is slated to kick off tomorrow morning. Since the beginning of June the Dollar has been on a defined downtrend, and this is helping keep somewhat of a support system around for gold and silver.

    FOMC Meeting Comes Into Focus

    Tomorrow marks the beginning of the FOMC meeting, and this is unarguably the most important happening of the week. As you could have probably guessed, this week’s FOMC meeting is so important because investors are hoping to find out more information regarding the future of interest rates in the United States. Thanks to recently upbeat economic data, which includes an upbeat retail sales and imports reports from May, the investing world is slowly but surely coming to terms with the possibility of seeing raised interest rates sometime soon.

    There is a small contingent who thinks that Wednesday’s post-meeting statement will bring about the announcement of an interest rate hike, but I am not so sure this is going to take place. Janet Yellen is expected to speak in the meeting’s wake, so it will be interesting to see if she mentions anything regarding the timing or extent of interest rate hikes. Once again, I am not so sure this week’s meeting will give us much information that we can work with simply because the Fed loves being cryptic in their approach to monetary policy shifts.

    Wrap-Up

    Of course, the eyes of the investing world will remain fixated on the FOMC over the course of the next few days, but I wouldn’t expect much in the way of information to come anytime tomorrow. Instead, I anticipate that tomorrow will see the market’s attention turn to Greece and the clock that is ticking away their negotiation attempts. Though it is still early, I think this week will shape up to be particularly eventful. Whether this is good or bad news for precious metals remains to be seen, however.

    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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