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November 18th Early Week Silver Market Update

Gold and silver are making gains as of the writing of this post, mostly thanks to bargain-hunting buying associated with such low spot values. Helping metals move forward today is a somewhat weaker US Dollar that has been moving downward for much of the day today. As it stands, gold and silver spot values are doing well considering where they were at this point a week ago, but they are still a far cry from what they were a few months back.

In order for spot values to experience any sort of lasting recovery it is going to take a massive shift in the current economic atmosphere. At present, the US economy is doing extremely well and this is causing a large number of investors to become convinced that interest rates across the United States will soon be raised. With this overriding thought on the forefront of every investor's mind, it is very difficult to make gold appeal as a safe-haven, protective investment.

Upbeat European Economic Data After Draghi's Comments

Today, both the Euro currency as well as European stocks rallied on the back of a more upbeat economic report from Germany. Earlier this morning, the latest German ZEW economic expectations index was reported as handioly beating the expectations of the market for November. The Index was expected to come in at under 1, but was reported as being over 11. Though these number may mean nothing to you, today's report showed that the German economy may not be doing as poorly as most people might have originally thought.

Today's German economic report comes in the wake of yesterday's comments made by ECB president Mario Draghi regarding future monetary policies for the region. In his remarks, Draghi said that he and the ECB have not yet counted out the possibility for the purchase of government bonds aimed at stimulating the European economy. To us, this policy is known as quantitative easing. Though this week is expected to be quiet, it will be interesting to see what unfolds as far as Europe is concerned.

The other key market factor to pay attention to this week will be the value of crude oil, which has stabilized over the past few days. With an OPEC meeting scheduled to take place sometime in the near future, the market will want to find out whether actions will be taken to stabilize the price of oil, or if things will remain just as volatile as they have been for the past few weeks now. As you are probably aware, the fact that crude oil has been continuously declining in value has acted as a weight bringing down the value of all raw commodities. Unless oil fixes itself, that will be just one more factor that is weighing on the value of precious metals.

Posted in Market Updates

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