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November 11th Early Week Silver Market Update

Precious metals spot values have stabilized a bit as of the morning on Tuesday, but after conceding much of the value gained last Friday on Monday, the outlook on metals is bleak, at best. With that said, however, continuously declining prices may be enough to spur price-sensitive buyers into action. Though this week is expected to be quite slow from an economic and geopolitical standpoint, the latter part of last week was anything but that.

On Wednesday, the marketplace's main feature was the midterm election results from the United States. By the time markets opened on Wednesday, it was clear that Republicans had seized control of both the House and the Senate. This bodes poorly for precious metals simply because Republicans are viewed as being better for economic growth and better for business–hence why the USD and US equities surged as a result of the election results.

On Thursday, the market waited in anticipation for the conclusion of the European Central Bank's most recent meeting. Despite the fact that most people were expecting to hear of a shift in policy, that did not come to fruition. Instead, ECB president Mario Draghi, in his post-meeting statements, remained dovish and did not offer any signs with regard to when a shift in policy might come about.

Finally, on Friday, the market was greeted with October's employment report from the United States. According to polled analysts, preliminary expectations were for at least 230,000 jobs to have been created during the month of October. Though these were definitely lofty expectations, no one considered them to be unfathomable. Unfortunately, the actual figures showed that no more than 213,000 new jobs were created during October. This news gave gold and silver a solid boost to end an otherwise disappointing week of trading.

Slow Start to a Slow Week

After last Friday's upward price action, most people were wondering whether metals would be able to hang on to gains, or if Monday and the start of a new week would cause them to tick back downward. It didn't take long for us to get our answer as spot values began to tumble shortly after noon on Monday.

Now, on Tuesday, the marketplace is just as quiet and metals are continuing to edge downward, even if only slightly. As the rest of the week wears on, we will keep a close eye on currency and equity markets in order to see how they affect the progress, or lack thereof, of spot values. At present, the only silver lining for gold  and silver is that subdued prices may bring about some healthy bargain-hunting buying, but with a market as bearish as the current one is, it will be difficult for any amount of bargain-hunting to really give metals a lasting boost. There really isn't much economic data on this week's slate, so you can expect things to remain just as quiet and subdued as they have been for the past two days or so.

Posted in Market Updates

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