Since the spot price for silver has gone down, I have taken the opportunity to buy more of it. My latest purchase arrived on Monday.
Much of what is happening in the commodity markets is contingent on what deal, if any, is reached on the debt limit talks between His Fraudulency Joe Biden and House Speaker Kevin McCarthy.
According to Kitco News:
(Kitco News) - Gold and silver prices are solidly lower in midday U.S. dealings Thursday, with both hitting multi-week lows. The three key outside markets are all bearish for the precious metals today. The U.S. dollar index is solidly up and hit a seven-week high. Rising U.S. Treasury yields and lower crude oil prices on this day complete the bearish trifecta. June gold was last down $26.00 at $1,959.00 and July silver was down $0.262 at $23.635.
Trader and investor risk appetite has also up-ticked late this week, which is also a negative for the safe-haven metals. The U.S. debt-limit extension talks are reportedly going better. President Joe Biden and House Speaker Kevin McCarthy have both made upbeat comments on getting a deal done before June 1. Reads a Barrons headline today: "Debt ceiling optimism brings markets back to life. It's not without risks." The story details that while the debt matter getting fixed is a positive, the potential negatives are still lingering, including a still-hawkish Federal Reserve, recession concerns, and U.S. and European banking jitters. The marketplace is by no means robustly risk-on at present.
To read more, go here.
No comments:
Post a Comment