Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) this morning is down -56.6 (-2.88%), and Dec silver (SIZ20) is down -2.359 (-8.70%).
Precious metals prices this morning are sharply lower with gold at a 1-1/4 month low and silver at a 1-1/2 month low. A rally in the dollar index today to a 1-1/4 month high has sparked long liquidation in precious metals. Also, industrial metals prices are plunging on concern that a worsening of the Covid pandemic will lead to shutdowns that undercut growth and metals demand.
Today's U.S. economic data was supportive for gold but bearish for industrial metals demand and silver prices. The U.S. Aug Chicago Fed national activity index unexpectedly fell -1.75 to 0.79, weaker than expectations of an increase to 1.19.
Today's monthly report from the Bundesbank was bullish for gold and negative for industrial metals demand and silver prices. The Bundesbank said that the manufacturing and services sectors remained significantly below pre-Covid levels during the... Read more