Investors will be keeping an eye on key U.S. indicators, which will be released later in the day. The ISM Non-Manufacturing PMI came in at 54.7 in October, and little change is forecast for November, with an estimate of 54.5. This points to respectable expansion in the services sector. As well, ADP Nonfarm Payrolls, which is expected to climb to 137 thousand, up from 125 thousand a month earlier.
Silver Takes Pause After Strong GainsSilver prices are a shade above the $17.00 level on Wednesday, in quiet trading. We could see some movement in the North American election, with the release of key services and job numbers.
Silver is steady on Wednesday, after climbing 1.5% on Tuesday. In the European session, silver is trading at $17.11, down $0.03 or 0.19% on the day. With the U.S. releasing key reports, we could see stronger movement from silver during the day.
Trump Threat Boosts Silver
Silver prices jumped on Tuesday, as investors are becoming increasingly nervous about the prospects of the U.S. and China reaching a trade agreement. On Tuesday, the U.S. House of Representatives voted to sanction Chinese officials involved in a crackdown on the Uighar Moslem minority. In retaliation, Chinese officials are reported to have prepared a list of “unreliable entities”, which could be a broad hint that some U.S. companies will face sanctions. As well, U.S. President Trump told reporters that a deal with China could be delayed until after the U.S. election in 2020. Trump may have intended the remarks in order to pressure China, but they have contributed to risk apprehension and boosted silver prices.