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September 2nd Early Week Silver Market Update

Precious metals are trading sharply lower on Tuesday to start the new month of September. There were no major geopolitical developments over the weekend and, as such, the precious metals market has sold off considerably. Unlike the last few weeks, this week is expected to be very busy and will bring about a large amount of economic data.

As always, the market will continue to focus on the ongoing geopolitical developments in Ukraine, but if this past weekend was any indication, that focus will be limited at best. With that said, however, there has been word of fresh EU sanctions set to be levied against Russia for its involvement in the crisis in Ukraine. Just last week, Ukrainian military officials claimed that Russian troops, not pro-Russian rebels, had crossed over the country's eastern border and were engaging in fighting with Ukrainian military forces. Though the situation has not escalated much beyond that point, it is still clear to see that the crisis in Ukraine is still very much a concern for investors, even if only a small concern.

Busy Economic Week Ahead

There will be a good bit of economic data due out this week, but the most important data won't be out until later on during the week. First, on Thursday, the European Central Bank is scheduled to meet for their monthly policy meeting. After ECB president Mario Draghi stated a few weeks ago that more monetary stimulus might be on the horizon, many investors will be keying in on this week's meeting in order to find out more about that.

On Friday, the all-important US employment data from August will be made public. This too will catch the attention of the investing world due to the simple fact that the United States Federal Reserve has stated time and time again that it will take significant improvement on the part of the US Labor situation for interest rates to be raised. As it stands, the market is expecting to hear of healthy job growth during August and are expecting no less than 210,000 new jobs to have been created. It will be interesting to see how this all pans out once the latter part of the week rolls around.

In other news, a report released earlier this morning by the OECD claimed that worldwide inflation fell by 1.9% this past July on an annualized basis. The decrease in inflation in July came up just short of the 2.1% decrease we witnessed in June. According to the OECD, the slowing of inflation may indicate that deflationary pressures are still abounding across the worldwide marketplace. This much is being touted as yet another factor working against precious metals.

Posted in Market Updates

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