Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) this morning is up +1.90 (+0.10%), and Dec silver (SIZ20) is up +0.040 (+0.16%).
Precious metals this morning are slightly higher. Metals gained on a weak dollar and mostly stronger-than-expected U.S. economic data, which is supportive of industrial metals demand and silver prices. Gold prices also saw support from weak stocks and the raging pandemic but were undercut by a lack of progress on the debt-fueled stimulus talks. Meanwhile, silver and industrial metals prices were undercut by rising global Covid infections that cause concern about weaker global economic growth.
Gold has support from the Covid pandemic that has curbed global growth prospects and forced dovish global central bank policies, which is bullish for gold demand as a store of value. However, the rise in Covid infections may spark additional stay-at-home orders that curb economic growth and are negative for industrial metals demand and silver prices.
The surge in new Covi... Read more