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February 4th Early Week Silver Market Update

Gold and silver are trading slightly lower today after the US Dollar and some US stocks managed to rebound from yesterday's losses. Though we are seeing increased, isolated interest in US equities today, the overall anxiety of investors is contributing to the presently bullish atmosphere for precious metals.

Looking ahead to the last 3 days of the week, investors will have plenty of US economic data to mull over and discuss. After yesterday's poor ISM manufacturing PMI reading added to a recently poor run of economic data in the US, investors will be hoping for a turnaround to help halt the growing equity free fall.

Equities Sell Off Rapidly, Then Rebound

As soon as US markets opened on Monday it became immediately clear that US stocks were not going to have a good day. Having started off in negative fashion, US equities were already facing an uphill battle, but shortly thereafter a US economic report more or less sealed equities' collective fate for the day. The ISM Manufacturing PMI report for the US in January came back much weaker than expected. Compared to market expectations of a reading of 56.0, the actual figures came back at a little over 51, the lowest such reading since past May. This, combined with a poor PMI reading from China last Friday, is a perfect example of why investors are becoming so jittery as of late.

Fears over emerging markets are still persisting and are in turn developing into a more positive investor outlook on gold and silver. This week will be a crucial one for both stocks and metals as the next few days' worth of US economic data will either confirm or deny the the growing belief that the US economy is following that of the Chinese and slowing down. As it stands, safe-haven interest in precious metals is at a high point unseen in well over 2 months and on the verge of growing. As Chinese investors begin to make their way back to the marketplace towards the latter stages of this week, expect trading action to pick up considerably.

Apart from pending US economic and employment reports there really isn't much precious metals-relevant news on the horizon.

Posted in Market Updates

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