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October 21st Early Week Silver Market Update

Gold and silver have spent the first two days of this week making gains amid a fairly quiet market atmosphere. There isn't too much in the way of economic data scheduled to be made public and, as risk-aversion grows, so too does the spot values of precious metals. Only a few weeks ago, the positive status of the US economy combined with the fact that interest rates in the US were going to soon be risen for the first time in a few years ended up putting a lot of pressure on the metals market and, in reality, drove spot values downward significantly.

As we look ahead to the rest of the week, investors are gearing up for much of the same as far as markets-moving economic data is concerned. This is going to be one of those quiet weeks that really will define, for some, where precious metals will be heading over the course of the next month or so.

Fed Officials Delay Rate Hikes

Barely over a month ago, if you were to say that you were expecting interest rates in the US to be risen from current lows by sometime next summer, not too many people would have been surprised. In fact, most would have probably agreed with your sentiments. Nowadays, however, the Fed seems to be doing nothing other than pushing back the day when rates will finally be raised. Now, investors would be shocked to see US interest rates raised anytime before this time next year. Even this time next year seems like a stretch when you consider the language employed by high-ranking, senior members of the US Federal Reserve.

While pushing rate hikes back continuously is doing precious metals some favors, it is really the volatility seen in global equity markets that is spurring renewed demand for gold and silver. In the United States especially, stock indexes have been anything but calm and we have seen a lot of investors ditch riskier stock investments for safer investments in gold and/or silver.

As this slow week plays out, you can bet that the eyes of the collective market will remain fixated on both the USD Index as well as all major stock indexes. So long as neither of the two show marked signs of improvement, it is likely that the precious metals bulls will continue to gain momentum over the course of the coming days and weeks. With prices where they are right now, it is almost too irresistible for investors to stay away from equity investments.

Posted in Market Updates

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