August 29th Weekly Silver Market Update

Gold and silver started off the week continuing their upswing on reports that violence across the Middle Easy may pick up significantly. The Syrian civil war, which has been going on for over two years now, is on the verge of becoming more than just a civil war, a possibility that really shook up the marketplace in the early goings of this week.

In addition to an increase of violence in Syria, investor attention was also called upon a report of positive economic data out of Germany. This news helped further the belief that the European economy is on a definite path to recovery from the economic recession which first hit in 2008. Stocks which fell earlier in the week are beginning to recover as the tensions regarding Syria have calmed down quite a bit since Monday and Tuesday.

Syrian Violence to Possibly Escalate

A little over two years ago now, the Syrian government and rebel fighters started fighting constantly for control of the Middle Eastern nation. Thus far there has been countless lives lost, most of which were innocent people simply going about their daily lives. Both government fighters and rebel fighters have committed atrocious acts including random murders of civilians, firing squads, and most recently the killing of civilians by use of chemical weapons. On top of it all, for the civilians who have not yet been senselessly killed by their government or the rebels, a majority of them have been displaced and are currently residing in terrible conditions thousands of miles from where they call home.

Due to a recent report of the Syrian government using chemical weapons against its citizens, the US and its allies have vowed to bring to justice those responsible. This is why, at the beginning of the week, we saw so many people fear that the US was going to send a military presence to yet another part of the Middle East. News outlets were reporting that it could be only a matter of hours before the US began attacking Syira, reports which hurt stocks badly but helped boost spot values of gold and silver.

Now, on Thursday, reports are funneling in that we might have jumped the gun a bit in regards to US intervention in Syria. This supposed calming or easing of tensions regarding the US and Syria has helped stocks regain some of their lost value while slightly hurting the spot values of gold and silver. While overall demand for precious metals is still high, we are witnessing a bit of a corrective pullback to end the week. So long as losses today and tomorrow are not too great, gold and silver will still likely finish the week making positive gains.

Posted in News

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