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May 2nd Silver Market Update

108 Replies

Gold and silver have both been steadily improving since their monumental collapse only a few weeks ago. With spot values at their lowest points in a long time, it comes as no surprise that demand for both gold and silver has shot up in the wake of the recent decline. This week the major news stories were of a Federal Open Market Committee meeting as well as a European Central Bank meeting. The FOMC meeting yielded little shocking news, but the ECB meeting brought with it the announcement of the slashing of interest rates.

Europe in Shambles

It is no secret that the entirety of Europe is in the midst of some tough economic times and has been for quite some time now. Besides the rising unemployment rates in nearly every eurozone country, manufacturing and retail sales have been down as of late as well. With few jobs and even fewer periods of economic growth, investors have been shying away from the region.

In order to fix mounting debt problems, countries have considered liquidating their gold reserves as a way to bring in cash. This idea makes sense in theory, but it hurts a nation’s intrinsic value as well as the price of gold. Instead of selling off massive quantities of the yellow metal, Mining.com suggests that perhaps Europeans should invest in gold-backed bonds. In Italy, where the economy is as bad as anywhere, the population wholeheartedly disagrees with the selling of the country’s gold holdings. If instead of selling gold, the nation offered bonds that were backed up by gold, they would be able to kill two birds with one stone in that they can retain their gold as well as spur economic growth and investment by offering bonds of this type. Who knows if Italy is going to follow through with gold-back bonds, but most economists agree that it would not be a bad idea to do so.

FOMC Meeting

It’s that time of month again…FOMC meeting time. As is the case any time the Open Market Committee meets, speculation was in full force. This time the speculators were convinced that we would hear some news pertaining to the end of the Fed’s Quantitative Easing initiative. When the dust settled the FOMC meeting was fairly uneventful. Not only were there few major headlines from the report, the committee did not give any indication if or when QE was going to be stopped.

It is hard to say if QE is doing its job for the economy as one week numbers will be up and the next week numbers will be down. QE is undoubtedly good for both gold and silver and it would be a real shame should it be wrapped up any time soon.

Price Movement

Gold opened up the week hovering at around $1,466, and at about midday on Thursday it was sitting at about the same position. Silver opened up at about $24.11 and as of noon on Thursday it was trading down about 30 cents or so.

Prices for both silver and gold are still at bargain levels and if you are interested in making a purchase check out our online silver dealers page.

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