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Silver May '11 (SIK11)

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Silver Futures Market News and Commentary

Metals Close Higher on Weak Stocks and a Slump in the Dollar Index to a 3-Week Low

Dec Comex gold (GCZ19) on Wednesday closed up +10.5 (+0.71%), and Dec silver (SIZ19) closed up +0.043 (+0.25%). Precious metals prices settled higher due to a weaker dollar and a slump in stocks. Gains in silver were limited as weak economic data raised demand concerns for industrial metals. The dollar index slid to a 3-week low Wednesday after the weaker-than-expected Sep U.S. retail sales report bolstered the outlook for additional Fed stimulus, which is bullish for gold prices. Wednesday's U.S. Sep retail sales report unexpectedly fell -0.3% and -0.1% ex-autos, weaker than expectations of +0.3% and +0.2% ex-autos and the first decline in 7 months. The weak retail sales report, however, was bearish for silver and industrial metals prices due to the implication of slower U.S. economic growth. Concern that Hong Kong tensions may derail a U.S./China trade agreement weighed on stocks and boosted gold prices after China's foreign ministry on Wednesday threatened unspecified "strong countermeasures" if the U.S. Congress passes a bill offering support to pro-democracy protesters in Hong Kong. Gold prices also found support Wednesday on comments from Chicago Fed President Evans who said, "there is an argument for more accommodation now to provide some further risk-management buffer against potential downside shocks." The Brexit situation improved a bit Wednesday, which boosted GBP/USD to a 5-month high and is negative for safe-haven demand of precious metals, after UK Brexit Secretary Barclay told a parliamentary committee Wednesday that UK Prime Minister Johnson will seek an extension on Saturday if a deal hasn't been reached by then. Fund buying has been prevalent as long gold positions in ETFs have risen for 21 consecutive days up to a 6-1/2 year high Monday. Ongoing trade and geopolitical tensions, along with dovish central bank expectations, sparked fund buying of precious metals as long gold positions in ETFs have risen steadily over the past four months up to a new 6-1/2 year high Monday and long silver positions in ETFs rose to a new record high on Sep 2.

Contract Specifications

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Contract
Silver 5,000-oz
Contract Size
5,000 troy ounces
Tick Size
$0.005 per troy ounce ($25.00 per contract) (Settlement $0.001)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:25a.m. - 12:25p.m.) (Settles 12:25p.m.) CST
Exchange
COMEX
Point Value
$5,000
Margin/Maintenance
$5,720/5,200
First Notice Date
04/29/11
Expiration Date
05/26/11 (expired)

Seasonal Chart

Silver May '11
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Oct 8, 2019

View Chart Details
Commercials - Long / Short
73,677 (+320)
150,583 (+3,445)
Non-Commercials - Long / Short
90,092 (+125)
39,338 (-814)
Producers - Long / Short
16,387 (-83)
78,595 (+196)
Swap Dealers - Long / Short
54,181 (+265)
68,879 (+3,111)
Managed Money - Long / Short
73,313 (+120)
27,107 (-1,883)
Other Reportables - Long / Short
16,779 (+5)
12,231 (+1,069)
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Price Performance

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Period Period Low Period High Performance
1-Month
32.595 +14.51%
on 05/12/11
49.520 -24.62%
on 04/28/11
-7.724 (-17.15%)
since 04/26/11
3-Month
32.595 +14.51%
on 05/12/11
49.820 -25.08%
on 04/25/11
+4.403 (+13.37%)
since 02/25/11
52-Week
17.445 +113.96%
on 06/04/10
49.820 -25.08%
on 04/25/11
+18.860 (+102.13%)
since 05/26/10

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Buy with a Average short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 39.589
1st Resistance Point 38.457
Last Price 37.326s
1st Support Level 36.562
2nd Support Level 35.799

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52-Week High 49.820
Fibonacci 61.8% 37.453
Last Price 37.326s
Fibonacci 50% 33.632
Fibonacci 38.2% 29.812
52-Week Low 17.445

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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