Silver Micro Dec '19 (SOZ19)
Silver Micro Futures Market News and Commentary
Feb Comex gold (GCG20) on Friday closed down -18.0 (-1.21%), and Mar silver (SIH20) closed down -0.463 (-2.71%).
Precious metals prices sold off sharply Friday with Mar silver at a 4-month low on the much stronger-than-expected U.S. unemployment report, which was hawkish for Fed policy and supported the view that additional Fed stimulus may not be necessary.
November U.S. payrolls rose sharply by +266,000, which was much stronger than market expectations of +180,000. In addition, Oct payrolls were revised higher by +28,000 to +156,000 from +128,000. The Nov payroll report was artificially inflated by the return to the labor market of 41,300 striking GM workers, but the payroll report ex-GM was still much stronger than expected at +225,000, suggesting that U.S. businesses remain optimistic about the economy and are still engaged in strong hiring. Another indication of the strong labor market was the drop in the Nov U.S. unemployment rate by -0.1 point to 3.5%, thus matc... Read more
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