Silver's spot price a week ago looked very promising. It was a "hair's breath" in reach of hitting $26.00/toz.
This week, silver tumbled down. This was actually the first week-ending loss in four weeks. But, as they say, "what goes down, must come up."
Kitco News sees it like this:
(Kitco News) - Gold and silver prices are posting strong losses near midday Friday, in the aftermath of a U.S. jobs report from the Labor Department that suggests the U.S. economy is presently in a pretty good spot. Gold prices hit a two-week low today and silver a three-week low. Both markets are headed toward technically bearish weekly low closes on a Friday.
The U.S. Employment Situation Report for November appears to have fallen into the camp of the U.S. monetary policy hawks, who want the Federal Reserve to hold off on cutting U.S. interest rates anytime soon. Many analysts are calling today’s jobs data a "Goldilocks" report that is not too hot and not too cold for the general marketplace. The jobs report showed the key non-farm payrolls number up 199,000, which is just above market expectations for a rise of 190,000. However, the overall U.S. unemployment rate fell to 3.7% in November from 3.9% in October.
We'll need to wait and see how things go next week.
No comments:
Post a Comment