Gold: $1,288.85 8.90
Silver: $17.16 0.11
0
November 27th Weekly Silver Market Update
Article By: Kyle Wanchalk on November 27th, 2015

This past week of trading was an interesting one for a number of different reasons. For gold and silver, these past 4 or 5 days have been forgettable thanks to the fact that spot values have fallen almost consistently downward. Unfortunately, the way the market is shaping up currently is not at all in favor of gold and silver. With interest rates expected to be hiked before the conclusion of December, spot values are going to find it quite difficult to make up much of any ground.

This week saw the US Thanksgiving Day holiday fall on Thursday, so much of the latter part of the week has been consumed by lackluster days across the marketplace. For gold and silver, the fact that little to nothing has changed over the past few days means that it is going to continue to be difficult for spot values to make any lasting gains.

Russia, Turkey Square Off Over Syria

If you have been at all keeping up with the fighting happening in and around Syria, you are likely aware of the fact that both Russia and Turkey have entirely opposite viewpoints on the matter. As it stands, Russian military forces are taking action against rebel fighters while Turkey is supposedly in cahoots with rebel fighters working to overthrow the standing Syrian government.

This week, it was reported that Turkish F-16 fighter jets shot down a Russian bomber after it strayed into Turkish airspace and refused to leave. According to numerous reports, the bomber was making a bombing run in Syria and strayed over Turkey. At this point, the bomber was warned numerous times to leave, but ignored those requests and was eventually intercepted by Turkish fighter jets who then downed the bomber.

This story was big news because many thought that it would turn into something much more than an isolated incident in the Middle East. Now a few days later, it is clear to see that Russia and Turkey are not going to directly engage each other in fighting, but will rather choose to continue indirectly fighting in Syria.

US Economic Data Dealt This Week

This week, though cut somewhat short due to the celebration of Thanksgiving in the United States, brought about some key economic data for the United States. First, a report on September housing prices indicated that prices rose during the month by more than expected. Considering prices had backed down a bit in recent months, it was good to see September’s figures beat expectations.

Perhaps more important than the housing prices figures was the fact that US third-quarter GDP was revised upward to show growth of more than 2% during 2015’s third-quarter. Initially, the GDP growth for this year’s third-quarter was recorded as being 1.5%, which was a bit disappointing. For the prospects of raised interest rates, the fact that third-quarter GDP was revised upward is a good thing and has more and more investors thinking that rates will, in fact, be raised.

As we look ahead to next week, we will also be saying goodbye to the month of November. For gold and silver, this past month was nothing to write home about as spot values fell at seemingly every turn. As for the next few weeks, I do not anticipate things changing all that much for precious metals, especially not so long as interest rates are expected to be hiked.