Silver Continues to Grind at $17.00

Silver prices have ticked higher in Wednesday trade. In the European session, silver is trading at $17.06, up $0.05 or 0.38% on the day.

Muted Response to Phase 1 Deal

There was plenty of fanfare in the White House, as President Trump gushed about the new trade deal with China. The agreement is the first breakthrough in the bitter trade war that has rocked the global economy. Still, the deal is limited in scope and some key details remain unclear. Trump stated that China had committed to purchase some $50 billion in U.S. agricultural products, but there was no confirmation from Chinese officials. Even with the agreement, the U.S. will continue to impose 25% tariffs on $250 billion of Chinese imports, along with a 7.5% tariff on another $120 billion of Chinese products. Precious metals have shown a guarded response, as gold and silver prices have shown limited movement to the trade deal.

Ahead – Final GDP

Investors are looking ahead to Friday, when the U.S. releases Final GDP for the third quarter. This will be the third and final estimate. The second estimate came in at 2.1%, beating the forecast of 1.9%. Final GDP is expected to confirm this figure, which indicates that the U.S. economy is growing at a respectable clip. A better than expected GDP release would be bullish for the U.S. dollar.