The Phaserl


SPIN: Silver Remains Constrained Amid Liquidation

[Ed. Note: Compare the charts of silver and gold to the DOW over the past 30 days. By comparison, the precious metals are performing well.]

by Michelle Smith, Silver Investing News:

Silver started the week with a downward move, losing $0.21 on Monday to end at $32.42. Despite pressure, over the next couple of days silver posted gains and ended Wednesday at $32.74. However, as the end of the week approaches, both risk-off sentiment and liquidation appear to be taking a toll on the white metal.

This week silver has had to deal with a strong dollar and a euro that fell to a two-month low against it on Tuesday. The metals market was also pressured by further gloomy economic data, which began with disagreement over Greek funding details and was aggravated by the news that the Eurozone has fallen back into recession. When assessed individually, France and Germany have held up, but troubles appear to be branching out and optimism about the resilience of these regional strongholds is fading.

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