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October 28th Early Week Silver Market Update

Precious metals spot values are moving mostly sideways to begin the day Tuesday as the Federal Open Market Committee prepares to meet for their monthly policy meeting. Gold  and silver lost a marginal amount of value to begin the week, but for the most part the outlook on the precious metals market is improving. The big news of this week will come tomorrow in the form of the post-meeting FOMC statement, but until then, investors will simply have to wait and hold their positions.

The US Dollar has begun this week fairly poorly, but is up from yesterday's lows and is looking slightly better on Tuesday than it did on Monday. While a somewhat weaker USD might lead people to believe that gold and silver should be making massive leaps forward, the fact of the matter is that sliding crude oil prices are doing well to stack up the downside pressure against most raw commodities. Still, with that being said, reports yesterday showed that physical demand for gold and silver is on the up and up in Asia, and this is encouraging to investors. Over the course of the coming weeks and months, it will be interesting to see if physical demand continues to increase, and if it does, whether it will be enough to pull spot values up by anything resembling considerable margins.

Stocks Rise on Better Corporate Earnings Reports, Eyes Move to Fed Meeting

US equities performed half-decently on Monday, but were up across the board as of the writing of this post on Tuesday. A number of upbeat corporate earnings reports were made public early this morning and played their role in helping US equities gain more momentum. While this isn't necessarily doing much to hurt the progress of precious metals, both gold and silver spot values have remained put through the first half of the day on Tuesday.

In general, investors are anxiously awaiting the post-meeting statement expected to be delivered at the conclusion of this week's FOMC meeting; scheduled for some time tomorrow afternoon. At this juncture, it is generally agreed upon that the Fed will do nothing more than reiterate their reluctance to raise interest rates from near-0 levels anytime soon. With the economic environment of the world being less than stellar at present, the Fed is being forced to wait to make any major policy shifts. Fortunately for precious metals, a post-meeting statement alluding that interest rate hikes are a far ways away will, in some capacity, help boost spot values. You see, with higher interest rates comes more investor attraction to interest-bearing assets. Because gold, silver, and other precious metals yield no defined interest, an environment with higher interest rates is also one that would more than likely be precious metals-averse. For this reason, every time the Fed delays hiking interest rates, the outlook on precious metals, at least for the short-term, grows a bit more optimistic.

Posted in Market Updates

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