Silver Futures Market News and Commentary
Aug Comex gold (GCQ19) this morning is down -1.4 (-0.10%) and Sep silver (SIU19) is up +0.070 (+0.46%) at a 1-1/2 week high. Precious metals prices are mixed today. Gold prices are being undercut today by a stronger dollar and a rally in stocks, while strength in U.S. economic data is supportive for silver and industrial metals prices. U.S. June retail sales rose +0.4% and +0.4% ex-autos, stronger than expectations of +0.2% and +0.1% ex-autos, and U.S. June manufacturing production rose +0.4%, slightly stronger than expectations of +0.3%. Gains in silver were limited by European economic concerns after today's German July ZEW expectations index fell -3.4 points to a 9-month low of -24.5, weaker than expectations of -0.9 to -22.0. Ongoing trade and geopolitical tensions, along with last week's dovish comments from Fed Chair Powell, have sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-year high last Friday and long silver positions in ETFs rose to a 14-3/4 month high Monday.