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Metals Pack Weekly Fundamental Analysis, October 6-10 2014, Forecast – Silver & Copper

By:
Barry Norman
Updated: Aug 24, 2015, 23:00 UTC

Weekly Analysis and Recommendations: Silver dropped 219 points finding a new 2014 low near 16.828 while Copper eased by 1 point to trade just under the $3

Metals Pack Weekly Fundamental Analysis, October 6-10 2014, Forecast – Silver & Copper

Metals Pack Weekly Fundamental Analysis, October 6-10 2014, Forecast – Silver & Copper
Metals Pack Weekly Fundamental Analysis, October 6-10 2014, Forecast – Silver & Copper
Weekly Analysis and Recommendations:

Silver dropped 219 points finding a new 2014 low near 16.828 while Copper eased by 1 point to trade just under the $3 level.  An accelerating American economy means investors are shunning precious metals even after the U.S. expanded sanctions against Russia and ramped up its military campaign to combat Islamic State in Iraq. Rising interest rates reduce the metal’s allure because the metal generally only offers investors returns through price gains, while a stronger dollar typically cuts demand for a store of value.

“Strengthening payrolls are going to add to the perception that the Fed is going to raise rates sooner,” Charlie Biella, who helps oversee $220 million as director of research at Pension Partners LLC in New York. “The perception is that a more hawkish Fed is negative for gold.”

The 248,000 gain in payrolls followed a 180,000 August increase that was bigger than previously estimated, the Labor Department said today. The median forecast of economists in a Bloomberg survey called for a 215,000 advance. The unemployment rate fell to the lowest level since July 2008.

Traders said increased demand from consuming industries and a report of a firming global trend mainly supported the upside in nickel and copper prices. 

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.

Historical: From 2011 to present

Highest: 44.188 on Aug 22, 2011

Average: 31.108 over this period

Lowest: 16.47 in September 2014

silver

Events You Should Be Monitoring This Week:

CAD                      Ivey PMI

NZD                      NZIER Business Confidence

JPY                        Monetary Policy Statement

AUD                      Cash Rate

AUD                      RBA Rate Statement

JPY                        BOJ Press Conference

GBP                       Manufacturing Production m/m

CAD                      Building Permits m/m

USD                      FOMC Meeting Minutes

AUD                      Employment Change

AUD                      Unemployment Rate

GBP                       Asset Purchase Facility

GBP                       Official Bank Rate

GBP                       MPC Rate Statement

USD                      Unemployment Claims

EUR                      ECB President Draghi Speaks

CAD                      Employment Change

CAD                      Unemployment Rate

Upcoming Government Bond Auctions

Date Time Country 

Oct 07 06:00 Swiss Announces details of optional bond auction on Oct 08

Oct 07 09:00 Norway Bond auction

Oct 07 09:15 Austria RAGB auction

Oct 07 9:30 UK Auctions 3.5% 2045 Gilt

Oct 07 15:30 Italy Announces details of BOT auction on Oct 10

Oct 07 17:00 US 3Y Note auction

Oct 08 09:30 Germany Eur 4.0bn Oct 2019 Bobl auction

Oct 08 09:30 Swiss Bond auction (for decision)

Oct 08 15:30 Italy Announces details of BTP

Oct 08 17:00 US 10Y Note auction

Oct 09 09:03 Sweden I/L bond auction

Oct 09 17:00 US 30Y bond auction

Oct 10 09:10 Italy BOT auction

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