Introduction: Silver futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific
Silver futures are also traded by speculators who assume the price risk that hedgers try to avoid in return for a chance to profit from favorable silver price movement. Speculators buy silver futures when they believe that silver prices will go up. Conversely, they will sell silver futures when they think that silver prices will fall.
Weekly Analysis and Recommendations:
Silver ended the week at 30.040 barely over the 30 price level. Overall for the week it traded in a fairly close range between the upper 29 and a slight edge over 30.00. As precious metals increase industrial metals decrease and vice versa as the week drew to a close. Traders in precious metals were pretty much sidelined having taken profits before year end and held back by the US economic problems. Lawmakers seem to be unable to resolve the financial changes that automatically come into play on January 1, 2013.
Date |
Last |
Open |
High |
Low |
Change % |
Dec 28, 2012 |
30.040 |
30.190 |
30.365 |
29.908 |
-0.49% |
Dec 27, 2012 |
30.188 |
30.072 |
30.513 |
29.728 |
0.37% |
Dec 26, 2012 |
30.078 |
29.940 |
30.250 |
29.875 |
0.46% |
Dec 25, 2012 |
29.940 |
29.960 |
30.050 |
29.940 |
-0.02% |
Dec 24, 2012 |
29.945 |
30.125 |
30.390 |
29.865 |
-0.60% |
Traders seem uncomfortable to be in the markets with the US drama and the holiday so silver traded with light volumes making little headway all week.
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.
Major Economic Events for the week of December 24 -28 actual v. forecast for Euro, GPB, the Franc, and USD
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
Dec. 27 |
GBP |
BBA Mortgage Approvals |
33.6K |
34.6K |
33.1K |
|
USD |
Initial Jobless Claims |
350K |
360K |
362K |
|
USD |
Continuing Jobless Claims |
3206K |
3200K |
3238K |
|
USD |
CB Consumer Confidence |
65.1 |
70.0 |
71.5 |
|
USD |
New Home Sales |
377K |
378K |
361K |
Dec. 28 |
EUR |
French Consumer Spending (MoM) |
0.2% |
0.1% |
-0.1% |
|
EUR |
French GDP (QoQ) |
0.1% |
0.2% |
0.2% |
|
EUR |
Italian 10-Year BTP Auction |
4.48% |
4.45% |
|
|
USD |
Chicago PMI |
51.6 |
51.0 |
50.4 |
|
USD |
Pending Home Sales (MoM) |
1.7% |
1.0% |
5.0% |
Historical: From 2010 to present
Highest: 49.813 on Apr 25, 2011
Average: 28.468 over this period.
Lowest: 14.655 on Feb 05, 2010
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Jan. 01 |
01:00 |
CNY |
51.00 |
50.60 |
|
Jan. 02 |
00:00 |
EUR |
0.7% |
-0.1% |
|
|
00:00 |
EUR |
1.9% |
1.9% |
|
|
08:00 |
CHF |
1.38 |
1.50 |
|
|
15:00 |
USD |
50.2 |
49.5 |
|
Jan. 03 |
08:00 |
CHF |
1.35 |
1.50 |
|
|
08:30 |
CHF |
48.5 |
48.5 |
|
|
08:55 |
EUR |
10K |
5K |
Upcoming Government Bond
Date Time Country
Thursday, January 5: France will auction an estimated €7-8 billion ($9.1-10.4 billion) in 10-year and other long-term bonds
Tuesday, January 10: Austria will auction €1.3 billion ($1.7 billion) in 5- and 10-year bonds
Thursday, January 12: Spanish 3- and 5-year bond auction
Friday, January 13: Italy will auction medium-long term bonds
Thursday, January 19: France will auction 5-year bonds
Thursday, January 19: Spanish 10-, 15-, and 30-year bond auction
Thursday, January 26: Italian long-term bond auction
Monday, January 30: Italian medium-long term bond auction
Monday, January 30: Belgian bond auction