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January 6th Early Week Silver Market Update

Gold and silver, for a second consecutive day, are posting solid gains thanks to jitters with regard to global equity markets. While most people were under the impression that the start of a New Year would not change market conditions all that much, but it seems as though things are slowly but surely changing. Of course, stocks can bounce back just as quickly as they declined, but it is encouraging for investors to see gold and silver starting the year on such a positive note.

As we are now in the thick of the first full week of 2015 trading, you can expect that a boatload of economic data will be set upon the table. In addition to that, investors are partaking in a good bit of speculation regarding the future of monetary policies in both the US and Europe. As it stands, most investors are expecting the European Central Bank to announce a massive bond-buying program at their upcoming meeting. Though there is no way to confirm this speculation, it would seem like a plausible solution to the region's ongoing economic problems.

Young Buyers of Homes in United States Increase Activity

Though there hasn't been all that much economic data released yet this week, yesterday did bring about one report from the United States worth talking about. According to a report released early yesterday, purchases of homes by younger Americans is on the rise and is expected to continue growing throughout this year. Thanks to an improving jobs market and the improving US economy, younger Americans are feeling more financially secure, and thus, more likely to feel comfortable purchasing their first home.

As this week carries on, I imagine that we will be dealt a good bit more economic data from the US and elsewhere around the world. Catching the attention of the marketplace on Monday was the fact that crude oil continued declining. The momentary fall below $50/barrel propelled the global marketplace into a bit of a shock that saw equities in Europe and the United States sell off at a somewhat rapid pace. That sell-off seems to be continuing today as most major stock indexes across the US and the EU are in the red.

As this week wears on, the focus of the marketplace will continue to be on the currently ailing equity markets. With that said, so long as equities are performing poorly, safe-haven demand for gold and silver is likely to continue propping up spot values. Unfortunately, however, it is going to take more than a momentary lull on the part of global equities in order for gold and silver to sustain these large gains. The fact of the matter is that current market conditions, from a 30,000-foot view, are still quite bearish for precious metals and this will continue to work against any progress made by gold or silver.

Posted in Market Updates

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