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September 16th Early Week Silver Market Update

Precious metals are trending slightly higher for a second consecutive day this week, fueled by safe-haven buying ahead of the latest FOMC meeting as well as increased physical buying from Asia. The first two days of this week have proven to be mostly quiet, but with the FOMC meeting wrapping up on Wednesday and the Scottish referendum on Thursday, the latter few days of this week will be fairly busy.

The geopolitical landscape has quieted down a good bit in the last week or more, especially as it pertains to the ongoing situation in Ukraine. As it stands, a ceasefire agreement between pro-Russian rebels and Ukrainian forces has lasted more than 10 days and is still holding strong. The lack of violence in Ukraine has not done precious metals any favors. For the last few months, the tensions and general uneasiness with regard to what was going on in Eastern Ukraine provided gold and silver with a steady stream of bullish support–albeit subtle at times. It will be interesting to see how the coming days and weeks unfold in Ukraine.

Limited Market Movement Ahead of FOMC Meeting

Though there is a lot of economic activity expected to unfold during the last few days of the week, not much has happened during the lead-up to the Federal Open Market Committee meeting. It is true that every FOMC meeting is hawked over by investors, but this week's meeting is especially important due to the simple fact that investors from around the world are desperate to hear more information with regard to the future of interest rates in the United States.

The FOMC meeting just kicked off today, and is not expected to wrap up until tomorrow afternoon, but some investors seem to be placing their bets early. US equities ticked upward while the US Dollar trended slightly downward on bets that the Fed will not raise interest rates anytime soon. Coming to the aid of precious metals (and all raw commodities) today was a report indicating that China's central bank will be further increasing ongoing stimulus policies.

Now, the attention of the marketplace is shifting to tomorrow's post-meeting statement made by Janet Yellen. In addition to this, the future of Scotland lies in waiting and will be decided on Thursday when voters take to the polls in order to decide whether Scotland will remain part of the UK or if they will become independent. The results of this upcoming vote will assuredly have massive implications on the UK economy as well as the British Pound.

Posted in Market Updates

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