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    JM Bullion Gold and Silver Market Update (6/6/14)

    Gold Spot Price Open: $1,254

    Gold Spot Price Close: $1,254

    Change in Gold Spot Price: NO CHANGE

    Silver Spot Price Open: $19.14

    Silver Spot Price Close: $19.06

    Change in Silver Spot Price: -$0.06

    Gold and silver did little moving to close out the week, despite a strong employment data for the United States for May. When all was said and done today, gold closed in the same position where it opened while silver lost little more than a nickel.

    The main piece of news today, apart from the continued digestion of yesterday’s ECB meeting, was the non-farm payrolls data for the United States in May. Due to Wednesday’s sub-par ADP employment report, much of the investing world was expecting to hear a similarly poor report today. With that said, however, today’s report showed that more than 215,000 jobs were added to the US economy last month. In addition to this, the unemployment rate fell by .1% to 6.3%. This news, as you could have probably guessed, ended up boosting the US Dollar while simultaneously putting pressure on gold and silver. Fortunately, the pressure being levied against precious metals was not nearly enough to undo yesterday’s gains.

    Now, as we head into the weekend, it will be interesting to see how investors and the market continues to digest yesterday’s ECB meeting and president Mario Draghi’s post-meeting statements. The news initially worked to give gold and silver a slight boost, but many are unsure whether yesterday’s gains will be sustained through the weekend. This week was not a total loss for precious metals, but it will be one investors will like to quickly forget.

    Next week is not expected to emit the massive quantities of economic data that this week gave us, but it will be important to pay attention to in order to see how gold and silver continue to act in the wake of soon-to-be implemented ECB monetary policy changes.

    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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