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    JM Bullion Gold and Silver Market Update (6/9/15)

    Gold Spot Price Open: $1,173

    Gold Spot Price Close: $1,179

    Change in Gold Spot Price: +$6

    Silver Spot Price Open: $16.02

    Silver Spot Price Close: $16.05

    Change in Silver Spot Price: +$0.03

    Precious metals managed to tick up slightly on a day where there really wasn’t all that much to talk about. When all was said and done, gold managed to gain about 6 dollars while silver was up by a few pennies. Platinum and palladium finished the day mixed, with platinum up by about 6 dollars while palladium finished the day down by a dollar or so.

    Safe-Haven Demand, Bargain-Hunting Pushes Gold and Silver Up

    Thanks to a lull in the economic data stream, today brought about bargain-hunting and and safe-haven demand that was good enough to push spot values upward. It is tough to pinpoint exactly why spot values moved upward, but most market experts are pointing towards inconsistent equity markets as a reason behind recent gains. I am expecting to see much of the same as the week plays out as we are not expecting all that much markets-moving economic data to be made public.

    We are seeing the summer come into full-swing, which means that things are going to get progressively quieter as we move forward. For gold and silver, this may not be such a bad thing as most news that has been trickling in as of late has moved to push spot values downward.

    Miscellaneous Global Economic Data

    Due to a lack of any big economic data from the United States, we were forced to turn our attention to other parts of the world. During the overnight hours, China was on the receiving end of a price inflation report from May that showed a year-on-year rise of 1.2%. This is down from April’s reading of up 1.5% on an annualized basis and suggests that China’s central bank might have to do more in the way of stimulating their economy. Lending more credence to this belief was a report which indicated that producer prices fell in May by more than 4.5% on an annualized basis. China’s economy has been struggling, this much is no secret, but with each new move made by the country’s central bank, it seems as though their economic struggles only intensify rather than get any better.

    The European Union received word of first-quarter GDP that was up by .4% when compared to readings from the last quarter of 2014. This was deemed to be downbeat and ended up pushing equity markets downward, which definitely came to the aid of gold and silver. The fact that Greece’s inability to pay back debts to the IMF is still in and out of the headlines is also beneficial for precious metals, but will only continue to be for the foreseeable future.

    Wrap-Up

    As was previously stated, today was more of a lackluster day than anything else. Price action on the part of US equities, metals, and currencies was muted and did not catch much attention. Going forward, I imagine that the rest of the week will emit much of the same as there really isn’t all that much economic data expected. In fact, most market experts are not expecting an injection of fresh fundamental data until next week when the FOMC meets. For this reason, expect the speculation to continue to flow freely as investors are in desperate need of more information regarding when interest rates will be raised and how much they will be raised by.

    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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