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April 1st Early Week Silver Market Update

Gold and silver are trading even to slightly lower on the first day of the second quarter of 2014. The market is prepping itself for a plethora of economic data streaming in today and for the rest of this week. As it stands, it is clear to see that market bears have solidified and tightened their grip on the market.

Increasingly bleak long-term outlooks on precious metals ownership is hurting gold and silver, as is the lack of any bullish data for the past 5 or more trading sessions. If metals cannot make gains based off of any bullish short-term factors, their long-term outlooks are not doing them any favors. Long-term forecasts for the spot value of gold are below current levels, meaning if the market continues to trek forward absent of any bullish news, sell-offs wil undoubtedly drive spot gold down even further.

Today's Economic News, Data

In the early morning hours of Tuesday, investors are readying themselves for a boatload of US economic data expected to be released throughout the duration of the day. Included in today's batch of data are the latest retail sales reports, US manufacturing PMI, global services PMI, auto sales report, and the ISM manufacturing report. Of these, none will be more heavily scrutinized by investors than the PMI reading and ISM manufacturing report. After recently upbeat words with regard to the US economy by members of the Fed, the investing world will be expecting a majority of today's reports to be upbeat and positive.

In the overnight hours, the Chinese economy was greeted with some positive news regarding the Chinese manufacturing sector. China's manufacturing PMI reading came in at 50.3 in March, up by .1 from February's reading and up month on month for the first time in half of a year.  This was good news, but another report with regard to China's manufacturing sector was also published today and came back weaker than expected.

Finally, Europe's manufacturing PMI came in lower for March than in February. This news is unnerving to some investors for the sole fact that manufacturing activity throughout the region was on the rise for nearly 9 months straight. Now, falling manufacturer prices are stoking the fire that is deflation worries. This news adds even more credence to the notion that the European Central Bank may move to increase monetary stimulus, possibly even as soon as their monthly policy meeting scheduled to be held this Thursday.

Posted in Market Updates

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