Silver Grinds Above $17.00, Final GDP Looms

Silver is steady in Friday trade. In the European session, silver is trading at $17.03, down $0.02 or 0.12% on the day.

Investors Eye Final GDP

Silver has been treading water this week, with the metal showing little appetite to make any significant moves. Will we see any volatility on Friday, with the release of the Final GDP report? GDP releases are among the most important economic indicators and should be treated as potential market-movers. The U.S. will release Final GDP for the third quarter, with a forecast of 2.1 percent. This figure would confirm the second-estimate reading. A better than expected GDP release would raise investor sentiment and could weigh on safe-haven assets such as silver.

Silver Shrugs off Impeachment Drama

The U.S. posted solid PMI and construction numbers this week, but silver showed little interest. The historic impeachment vote on Wednesday also failed to trigger any movement in precious metals, such as gold and silver. The lack of interest from precious metals underscores the fact that the vote was “priced in” by the markets – it was a virtual certainty that the Democrat-controlled House would vote to impeach President Trump, so market response was muted.