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November 19th Early Week Silver Market Update

The first two days of the week have thus far been fairly quiet for precious metals. With little for investors to discuss over the first few days of the week it is no surprise that gold and silver's movements have been mostly negligible. Though the rest of today is expected to remain quiet, tomorrow and Thursday are shaping up to be busy days for investors.

The marquis news story of the week is the release of the latest FOMC minutes which investors are hoping will shed some light on the future of monetary policy in the US.

FOMC Minutes, James Bullard to Speak

December's Federal Reserve policy meeting is going to be a hotly contested one as certain investors are expecting the meeting to yield different results. One side is anticipating that the FOMC will taper Quantitative Easing this December while the adversarial side is not expecting to see US monetary policy undergo any changes until the latter stages of 2014. Most qualified experts agree that QE is not likely to be touched until sometime in 2014, though anything could happen. These same experts are citing slow economic growth, a higher than acceptable unemployment rate, and the ECB's recent cutting of the EU's key lending rate as reasons for why they do not foresee Quantitative Easing being touched before the end of this year.

In other Federal Reserve news this week, president of the St. Louis Federal Reserve James Bullard is scheduled to make a speech tomorrow. Though it is unclear what his speech will cover, most bets are being wagered on the notion that Bullard will, in some capacity, speak about monetary policy and his thoughts on what should be done to/with it. Bullard has been a supporter of the retention of QE for a while now and it is thought that tomorrow will show nothing but further support for the easy money policy.

Should the FOMC minutes and Bullard's remarks be in favor of keeping QE around for the time being it is likely that gold and silver will realize at least some sort of gains. The hope is that tomorrow will destroy the precious metals bears' momentum and give the market bulls a renewed boost.

Healthy Serving of Economic Data

Wednesday is going to be an even busier day for investors as US economic reports are due out in addition to the FOMC minutes. Reports due out on Wednesday include the latest retail sales data, the latest CPI reading, and existing homes data. On Thursday, investors can expect to be greeted with the weekly jobless claims reports and the latest PPI reading.

If this week's economic reports are significantly better or worse than expected they will likely have some sort of impact on gold and silver spot values. Also, depending on what the FOMC minutes conclude, the strength or weakness of this week's economic reports will also have an impact on how people feel about the retention or tapering of Quantitative Easing.

Posted in Market Updates

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