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    JM Bullion Gold and Silver Market Update (9/10/15)

    Gold Spot Price Open: $1,109

    Gold Spot Price Close: $1,113

    Change in Gold Spot Price: +$4

    Silver Spot Price Open: $14.68

    Silver Spot Price Close: $14.72

    Change in Silver Spot Price: +$0.04

    Precious metals ticked upward a bit on Thursday after some decent losses were recorded a day earlier. The jump forward was in line with crude oil prices and, when all was said and done, gold managed to gain roughly four dollars while silver inched forward by a few cents. Platinum and palladium had a mixed day with platinum finishing near even while palladium added another ten or so dollars.

    Crude Oil Up Despite Inventory Increase

    A report released earlier today indicated that the inventory of crude oil around the world is on the rise and has been for some time now. Despite this, crude oil managed to halt its recent slide and move back above the $45/barrel price. Thanks to this, gold and silver were able to inch forward today too. Like we have been saying for a while now, crude oil’s movement often dictates the movement of other commodities, and that is exactly what we saw today.

    The United States seems especially keen on purchasing crude oil while the getting is good seeing as they added well over 2 million barrels to their stockpile last week. Seeing as projections were for no more than 900,000 barrels to have been added, it is easy to see why the US’ additions last week were surprising. Moving forward, I expect the focus on crude oil to remain intact because of this proposed nuclear deal with Iran. Should the US government wholly and totally approve this deal, it very well might see Iranian crude oil hit markets which it hasn’t in decades. With an already glutted supply of the commodity, Iran oil entering the Western market may drive barrel prices downward even further. While this is not good news for gold and silver, consumers at the pump are ecstatic.

    Weekly Jobless Claims Fall Further

    Though we so far haven’t been given much in the way of massive economic data this week, an important piece of data came out today in the form of the weekly jobless claims report from the US. Officially, claims for unemployment benefits last week fell by more than 5,000 to bring the seasonally adjusted average back down to 275,000. This data indicates that the US labor market is continuing to improve and is adding jobs at a nice rate. Federal Reserve members have constantly been calling on improved labor readings before they can even think about raising interest rates, and it seems as though the US labor market now is performing quite well.

    An upbeat report regarding imports was also released today when it was announced that import prices fell by nearly 2% during the month of August. This means that foreign goods are becoming cheaper and more easily acquired by US citizens; yet another sign the economy is on the up and up.

    Wrap-Up

    As we look ahead to the final day of the week, there isn’t too much in the way of markets-moving economic data expected to be released. The market will continue to ponder what the Fed is going to say at their meeting next week, but it is impossible to know for sure whether rates will be slashed or not. For now, the general consensus is that rates will be kept at their current level through this month, though the Fed has remained quiet on the matter over the past two weeks so it is impossible to say for sure what Janet Yellen and her colleagues are planning on doing come mid next week.

    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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