November 13th Silver Market Update

As of the early parts of Thursday, precious metals are holding steady and trading sideways to slightly up. So far, this week has been inordinately quiet and while metals have accrued some losses, the last few days have seen both gold and silver hanging in tough, and even adding marginal amounts of value. Looking ahead to the rest of today and the final day of the week, it seems as though things will remain just as quiet and subdued simply due to the lack of economic data being made public.

In case you missed it, last Friday brought about the US employment report for October, and the figures in that report fell far short of expectations. After September’s jobs data showed that more than 245,000 new jobs were added to the economy, experts had no choice but to expect much of the same from October’s employment report. Unfortunately, the data fell far short of anticipated figures and showed that only about 213,000 new jobs were created during the month of October. This is still indicative of healthy job growth, but because it came in under expectations, it put a momentary dent in the confidence of investors.

Banks in Foreign Exchange Fixing Probe

Swiss, British, and American authorities announced yesterday that they reached a settlement agreement totaling nearly $3.5 billion yesterday with 5 of the world’s biggest banks. The settlement is tied to alleged foreign exchange market manipulation on the part of JP Morgan, Royal Bank of Scotland, HSBC, UBS, and Citibank. Other banks are still under investigation, which only leads people to believe that yesterday’s settlement will grow in value in the near future.

As of now, the foreign exchange market manipulation has not had a major impact on currency or equity markets, but is definitely something the investing world is paying close attention to. As we head into next week, my hope is that we find out just a bit more information about the alleged offenses and accompanying punishments.

Looking ahead to Friday, the only real piece of data worthwhile to investors will come in the form of the weekly jobless claims report. After last week’s employment data fell far short of expectations, the marketplace will be keeping an eye on any and all information from the US employment sector as it is deemed to be one of the most pivotal factors relating to the eventual hiking of interest rates in the US. Basically, if the job market is seen as weak or struggling, the Fed will be more reluctant to boost interest rates.

Posted in News

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