medication without prescription online

April 22nd Early Week Silver Market Update

Gold and silver are trading marginally higher on Tuesday as a result of short-covering and bargain-hunting amid a quieter market atmosphere. European and Asian markets are back in full swing today after an extended holiday break but are, for the most part, not seeing much in the way of dramatic price action.

A lack of any new bullish news is making it difficult for gold and silver to make any gains as both metals are currently sitting below key technical levels. Further hurting precious metals is the fact that this week is expected to be relatively quiet from an economic and geopolitical standpoint. We will continue to monitor the situation in Ukraine though it seems to have calmed down quite a bit from where it was at this time last week.

Lack of Economic Data Not Helping Precious Metals

As opposed to most other weeks thus far this month, this 5-day trading session is shaping up to be relatively quiet. What little US economic data is expected to be made public this week is likely to have little to no impact on precious metals spot values. The weekly jobless claims report is about the only piece of economic data that may move spot values in one direction or another, and even this is not very likely.

A report surfaced earlier this morning saying that the Chinese central bank reduced its reserve requirement ratio for rural commercial banks across the country. This monetary stimulus move was made in an attempt to stimulate the ailing agricultural sector of the Chinese economy. This move was only for more rural banks and did not include any banks in major urban parts of the country such as Beijing or Shanghai. Though there is not much economic data on the slate this week, investors will be anxiously awaiting China's manufacturing PMI, which is due out on Wednesday.

Finally, the situation in Ukraine has deescalated over the last few days and has translated into a decrease in safe-haven demand for gold and silver. Decreased safe-haven demand in conjunction with a lack of bullish news has been weighing on spot gold and silver for the past few days now. Having said that, however, the situation in Ukraine is very volatile and runs the risk of deteriorating at any point in time without much notice at all.

Posted in Market Updates

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>