Quantcast
Channel: Trade the Newsroom » Fed
Viewing all articles
Browse latest Browse all 84

Silver Prices Dip Today, But Still Above $20/oz

0
0

Silver prices soared late last Thursday and Friday. A disappointing jobs report on Friday sent the metal as high as $20.25/oz. Silver prices today are trending lower in early trading. Silver is down $0.14 this morning at $20.08/oz.

Silver bulls were able to exert some control last week thanks to December’s poor jobs numbers. Still, bears were quick to point out it’s going to take more than one poor jobs report to shift the overall consensus on silver and gold.

Analysts at Barclays wrote the following about gold. “We believe it will take a persistent structural shift, including signs of inflation or delayed interest rate hikes, to change its soft outlook.”

The analysts added, “We have revised down our 2014 average price for gold to $1,205 and expect a fresh low of $1,050 to be tested this year.”

While they specifically talk about gold, the same things affect silver. Silver bulls will need a sustained downturn in the labor market followed by actions from the Fed. We won’t know if December’s jobs number was a blip on the radar or a larger shift until January’s numbers are released next month.

What could affect silver this week? We have to take a look at what will affect the overall market. Earnings season is about to be in full swing. If earnings disappoint over the next few weeks, it could drive stocks lower and demand for silver and gold higher.

A slew of data is expected to be released this week as well. Retail sales gets things kicked off tomorrow. Consumer price index, the Philly Fed and housing starts will also be watched closely later this week.

A final look at silver shows the metal down $0.13 at $20.09/oz.

The post Silver Prices Dip Today, But Still Above $20/oz appeared first on Trade the Newsroom.


Viewing all articles
Browse latest Browse all 84

Latest Images

Trending Articles





Latest Images