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July 15th Early Week Silver Market Update

Gold and silver spot values are trading slightly downward on Tuesday, but have recovered partially from a harsh trading session on Monday. Thanks to growing risk-appetite, gold and silver spot values have been feeling pressure since the beginning of the week. While spot values were fueled by economic worries from the EU towards the end of last week, those worries have since subsided and things have calmed down considerably.

This week is not going to yield much in the way of markets-moving economic data, but the chairperson of the Federal Reserve is scheduled to make addresses to Congress, and her words will be hawked over by investors from all over the world.

Yellen Addresses Congress, Offers Interest Rate Insight

The most highly anticipated piece of news came last week in the form of the most recent FOMC minutes from their June policy meeting. Prior to the minutes' release, investors were hoping to gain some insight with regard to if and when the Fed was thinking about raising interest rates. Of course, as fate would have it, the minutes offered no insight with regard to interest rates and instead made it known that Quantitative Easing would likely be completely done away with by this upcoming October. This data had little impact on the precious metals market simply because most investors were already under the impression that QE would be finished before the turn of the new year.

This week, Janet Yellen's semi-annual addresses to Congress regarding US monetary policy is what really drew the attention of the investing world. Today, in the first of two days' worth of speeches, Ms. Yellen went on to once more reiterate that the Fed plans on concluding Quantitative Easing by the time their October meeting is finished. What's more, she went on to say that interest rates will remain at current levels for the foreseeable future. This news, albeit not too unexpected, ended up putting some pressure on US equities. The US Dollar, on the other hand, was able to bounce back from early losses in the wake of Yellen's first address.

Despite low interest rates being favorable for precious metals, gold, silver, platinum, and palladium are all continuing to trade lower through midday on Tuesday. After recently sharp upswings, the next few days' worth of price action will be an important factor in determining just how well or poorly metals will perform over the next few weeks and months. If the rest of today and tomorrow sees metals bounce back from today and Monday's losses, this would be an encouraging sign. If follow-through selling continues, however, we may see precious metals stagnate or even lose more value going forward.

Posted in Market Updates

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