Silver Futures Market News and Commentary
Apr Comex gold (GCJ20) on Tuesday closed up +17.2 (+1.08%), and Mar silver (SIH20) closed up +0.416 (+2.35%).
Precious metals rallied Tuesday with Apr gold at a 5-week high and Mar silver at a 3-week high on concern the negative effects on the global economy from the China coronavirus will force the world's central banks to boost stimulus measures. The outbreak now shows 73,424 confirmed cases of the coronavirus and 1,873 deaths.
U.S. stock indexes fell back Tuesday and boosted the safe-haven demand for precious metals. Weakness in technology stocks led the overall market lower after Apple fell -1.74% on its announcement that fallout from the China coronavirus would cause it to miss its sales targets this quarter.
European economic data on Tuesday was bullish for gold, but negative for silver, after Eurozone Jan new car registrations fell -7.5% y/y to 951,000, the biggest decline in 5 months. Also, the German Feb ZEW survey expectations of economic growth index... Read more