Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) this morning is down -1.10 (-0.06%), and Dec silver (SIZ20) is up +0.247 (+1.00%).
Precious metals today are mixed but are seeing support from a weak dollar and optimism U.S lawmakers will agree on a debt-fueled pandemic stimulus package. A rally in stocks today is reducing safe-haven demand for precious metals and is undercutting gold prices. Silver prices saw support from a strong U.S. building permits report and a strong Chinese auto sales report.
Hopes that U.S. lawmakers can pass additional pandemic stimulus measures are positive for gold demand as a store of value. Optimism improved Monday evening after a spokesman for House Speaker Pelosi said differences were narrowing in pandemic relief negotiations with Treasury Secretary Mnuchin. House Speaker Pelosi set a deadline of today for more progress with Republican negotiators on a pandemic stimulus package before the Nov 3 election.
Today's U.S housing data was mixed for metals prices.... Read more