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May 6th Early Week Silver Market Update

Gold and silver are hovering around even but are feeling a bit of a corrective pullback from Friday and Monday's gains. The marketplace is continuing to focus on Ukraine as tensions across the region continue to intensify. Over the weekend it was reported that the Ukrainian military was working to oust pro-Russian forces who have taken over a number of strategic locations throughout Ukraine east and south. The US Dollar is trading down through the first half of the day, but it has not yet translated into an increase in spot values.

This week, as far as economic data is concerned, is not supposed to yield anything too drastic or shocking. With that in mind, however, the EU dealt investors a good bit of data earlier during the day on Tuesday.

EU Data Puts Immense Pressure On The US Dollar

Though this week is not expected to give investors a large amount of US economic data, the same cannot be said about data from the EU. This morning, for example, it was reported that the EU's PMI in April rose to 54.0, up from 53.1 in March. Any reading above 50 suggest economic growth, something we have seen from Europe for the past few months. On a more magnified level, Spain and Italy both recorded better PMI readings in April than what they experienced in March. Retail sales were also up in the EU, but only by about .3%.

With all this in mind, however, it is important to note that prices across Europe are continuing to fall, further intensifying worries with regard to widespread deflation. This report, along with many others, are prompting the European Central Bank to think about instituting some new monetary stimulus measures in the near future. Monetary stimulus has been on the table for a while now, but has not yet come to fruition. The ECB meets for their monthly policy meeting this Thursday, at which point many people think they will announce or at least talk about some sort of monetary stimulus for the EU.

The US Dollar sunk to a six month low during the early morning hours and is still faring quite poorly as we advance into the late afternoon. Usually, a weaker US Dollar would translate into increased spot values, but a corrective pullback from Friday and Monday's gains are holding gold and silver back on Tuesday. The crisis in Ukraine is continuing to catch a lot of attention, but there have been no major developments since this past weekend. Nonetheless, investors will remain focused on any and all developments stemming from the crisis in Ukraine.

Posted in Market Updates

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