Silver Stabilizes After Sharp SwingsSilver has been busy this week, with strong swings in both directions. It has been a quiet session on Thursday, but with the U.S. releasing key employment data on Friday, we could see further volatility before the end of the week.
Silver is flat on Thursday, after sustaining sharp losses on Wednesday. In the European session, silver is trading at $16.86, up $0.03 or 0.18% on the day.
Trump Remarks Weigh on Silver
Silver prices have shown some strong swings this week, treating traders with the strongest volatility we have seen since early November. Silver posted strong gains on Tuesday, but these gains were quickly erased, as the metal declined 1.8% on Wednesday. Much of the volatility is a reaction to comments this week from U.S. President Trump. Silver jumped on Tuesday after Trump suggested that a trade agreement with China might have to wait until after the U.S. election in 2020. However, Trump kept the markets jumping, after saying on Wednesday that the discussions with China were “going very well”. Aside from Trump’s comments on Wednesday, Bloomberg reported that the two sides have made progress on the question of eliminating tariffs.
U.S. Non-Mfg. PMI Points to Expansion
The ISM Non-Manufacturing PMI dipped to 53.9 in November, down from the previous release of 54.7 pts. This also missed expectations, but investors were in a forgiving mood, as the reading continues to point to expansion in the services sector. The manufacturing industry has not been able to keep up, as Manufacturing PMI continues to point to contraction.