Richard Rittorno: Silver prices continue to climb as investors focus on U.S. economic data reports to determine whether or not the U.S. Federal Reserve will begin its tapering process later this year.
For the past seven consecutive days investors have pushed silver (NYSEARCA:SLV) higher as renewed speculation that the Fed will not begin its tapering of its $85 billion per month asset purchases. In fact investors have pushed prices back to the June highs.
Silver’s Achilles heel is an improvement in the U.S. economy that in turn reinforces the view of the Federal Reserve’s need to taper its asset purchases in the coming months but for the past seven days the silver market is pricing in no such tapering move.
Even though silver has been moving higher these past seven sessions on the year silver remains some 27% lower on concern that the Federal Reserve’s plan to taper its asset buying. What we are seeing is shift in thinking now as market participants attempt to digest U.S. economic reports and determine whether or U.S. can begin to stand on its own and in the past seven days thinking seems to be shifting.
Market participants are now shifting focus to the Core CPI and Unemployment Claims Reports and tomorrow’s all important Building Permits and Housing Starts Reports.(...)Click here to continue reading the original ETFDailyNews.com article: Silver Prices Continue To SurgeYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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