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    JM Bullion Gold and Silver Market Update (7/31/13)

    Gold Spot Price Open: $1,324

    Gold Spot Price Close: $1,325

    Change in Gold Spot Price: +$1

    Silver Spot Price Open: $19.78

    Silver Spot Price Close: $19.89

    Change in Silver Spot Price:+$0.11

    Gold and silver ended up making minimal gains on Wednesday after some stronger than expected economic data was released in the morning. At the end of the day gold picked up about a dollar while silver gained about 11 cents.

    The first bit of economic data due out today was the second-quarter GDP report for 2013. Even though GDP was expected to rise by only about .9%, the actual figures were received with open arms when it turns out that the US’ Gross Domestic Product for the second quarter of this year grew by about 1.7%. That’s not the end of the good news for the US economy either as the ADP jobs report indicated that about 200,000 jobs were added versus an expected increase of about 20,000 fewer. Over the course of the past month or so the US economy has really began to pick things up and is now performing the way many would expect the top economy in the world to.

    While the marketplace is anxiously awaiting this Friday’s Federal Open Market Committee meeting, the written statement for that meeting was released today. Like we expected the statement more or less echoed what Ben Bernanke stated a few weeks ago reiterating the fact that Quantitative Easing is on no set course to be wound down or done away with by the end of 2013. Even though the statement was released today, investors and market watchers will still stay tuned to the actual meeting, especially for the post-meeting Q&A sessions that these types of events always seem to have.

    As we bring the month of July to a close, it is important to reflect on how well it treated precious metals in comparison to earlier summer and spring months. On the whole, Gold picked up almost $100 during July while silver’s gains were closer to 30 cents. These gains are not too drastic or exciting, though a month of gains definitely trumps a month’s worth of losses.

    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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