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July 29th Early Week Silver Market Update

Precious metals are seeing some support from increased attention being paid to ongoing geopolitical events. With that said, there is no denying that this week will see investors focus almost entirely on the wide array of US economic data making its way to the marketplace. If things go as investors expect them to, precious metals may not be trending upwards for very long this week.

Heavy Dose of Pending US Economic Data

The early morning hours of Tuesday are currently seeing investors focus on fresh geopolitical developments, but the duration of the week will, in all likelihood, see investors' focus shift to the slew of pending US economic data. Today marked the beginning of the Federal Open Market Committee's latest policy meeting, and though it will not wrap up until tomorrow afternoon, investors are already beginning to speculate with regard to what the FOMC is discussing.

In the wake of the meeting tomorrow afternoon, Janet Yellen is expected to make her post-meeting statement. It is at this time when investors are expecting to hear of any major talking points from the meeting. As has been the case for the past 2 months or so now, investors are clambering to hear more information about when and by how much interest rates in the United States will be raised. For precious metals, any news that can be perceived as meaning that interest rates will be raised sometime soon will be a factor working against them. After all, higher interest rates mean that investors will more readily be seeking out interest-paying assets as opposed to safer non interest-paying assets like precious metals.

In addition to the FOMC meeting, investors will also be preparing on Wednesday for the release of the second-quarter GDP report for the United States. After recent US economic data has, for the most part, been upbeat, investors will be expecting much of the same from Wednesday's data. Finally, rounding out the week on Friday will be the all-important US employment report for July. After June's figures exhibited job growth that reached far beyond the expectations of the market, the same will be expected come Friday. In all, this week will begin to pick up speed starting tomorrow and will play host to a flurry of activity until the time things come to a conclusion Friday afternoon.

There are also a number of continuously developing geopolitical events, including the ongoing Israeli strikes on Gaza as well as fresh economic sanctions being levied against Russia for their involvement in the annexation of parts of Ukraine. These situations are not gaining as much attention now as they were a week or so ago, but they are still weighing on the minds of investors everywhere.

Posted in Market Updates

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