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November 4th Early Week Silver Market Update

Precious metals are continuing to trend mostly sideways to slightly lower during the first parts of this week. Though things are quiet for now, a few economic happenings scheduled to take place later this week are likely to cause a stir in the marketplace. The two happenings to which I am referring are the release of the latest US employment report as well as the latest meeting of the European Central Bank.

In case you missed it, the end of last week brought about a good deal of turbulence to the marketplace. For one, the Federal Open Market Committee (FOMC) concluded their latest meeting with a more hawkish statement regarding interest rate hikes and the status of the US economy. These remarks worked against gold and silver, as did a wholly upbeat 3rd-quarter GDP report that was released a day later, on Thursday. Spot values have since tumbled dramatically and, as it stands, are hovering near multi-year lows and not looking much like improving.

Crude Oil Prices Continue to Slide

In addition to the aforementioned factors recently pulling spot values down, the slumping value of crude oil is also not doing precious metals any favors. Now hovering near a two-year low of ~$76/barrel, crude oil has acted as a deadweight, bringing the value of all commodities–including gold and silver–downward.

Making matters worse, the US Dollar has been on the up and up as of late and is giving gold and silver spot values virtually no room to make any significant gains.

Japanese Equities Surge, US Equities Slump

Since late last week, the Japanese Nikkei Index has gained more than 7% and is now approaching a 7-year high. The rally ensued shortly after the Bank of Japan announced a fresh monetary stimulus package to be implemented in the near future. As expected, the Japanese Yen took massive hits upon hearing the BoJ announcement and is continuing to trend downward against rival currencies.

As we look ahead to the rest of the week, it is likely that things will remain quiet up until the conclusion of the European Central Bank meeting on Thursday and the release of the latest US employment data from October on Friday. Both of these happenings can very easily influence the direction in which spot values head over the course of the coming weeks and months. At present, however, it must be said that the current mid to long-term outlook on precious metals is bleak, at best.

Posted in Market Updates

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