Silver Analysis

Wayne Lin

11/3/2017 10:08:19 AM

Silver prices went up and down on an interesting Thursday, topped with the official nomination of the new Federal Reserve chair. According to Christopher Lewis with FX Empire, “The U.S. dollar should continue to strengthen, so given time...the Silver market will roll over.” While this is a possibility, it is still important to consider what is on the horizon on a political level. With the jobs market report coming out Friday and the new GOP tax plan debate coming soon, the speculation on what will happen with the dollar is thrown into flux. The price of Silver could see a drastic shift in the coming days, but if it drops below $17 per ounce, it could reach the $16.50 level before going back up. This weekend is shaping up to be an interesting one!

Spot Gold Looking Neutral Ahead of Jobs Report

There was not much movement in either direction for Gold ahead of the U.S. jobs report. The dollar steadied, but that is not the only indication of the price of Precious Metals Friday. National Australia Bank Economist John Sharma said, “Markets are waiting for the U.S. payrolls data. A strong here would not be supportive of Gold.” In a note, MKS PAMP Analyst Time Brown wrote, “The general trend for Gold over the last week has been positive, but the market will need to find a catalyst within the host of data released tonight to push through the strong resistance at $1,280 [per ounce].” (Reuters) Even though Gold has remained relatively flat, we have seen the yellow metal rebound in big ways. As the end of the year approaches, there is much to be done on a geopolitical and social scale that can easily tilt the trend of Gold prices upward. For investors, however, the skepticism is warranted, but not all hope is lost.

At 11:06 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,269.30 Down $10.40
• Silver, $16.91 Down $0.32
• Platinum, $920.40 Down $8.40
• Palladium, $996.20 Down $3.80

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