Gold: $1,293.91 9.74
Silver: $17.18 0.13
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November 29th Weekly Silver Market Update
Article By: Kyle Wanchalk on November 29th, 2013

In the early hours of Friday gold and silver have both made marginal gains largely attributed to a slightly weaker US Dollar. As Americans recover from the Thanksgiving holiday that took place yesterday, it is expected that Friday will be a mostly quiet day as far as trading is concerned.

As we bring November to a close, investors are already beginning to set their eyes on the upcoming Federal Open Market Committee policy meeting set to take place sometime in early December. With the fear of Quantitative Easing possibly being tapered alive and well, all sorts of speculation is likely to ensue over the course of the coming days and weeks.

Slow Week, Dismal Month

Unless you live under a rock, it has been no secret that the month of November has been a turbulent one, to say the least. All in all it seems as though November was a month that allowed the market bears to take over as the US Dollar performed well along with most US economic reports. Now, with the bears still very much in control of the precious metals marketplace, investors are looking for any signs that may point to a turnaround for gold and silver.

If you look back, from the very last day of October to today gold has lost about $100 while silver’s losses came in closer to $3. Though these losses aren’t necessarily the end of the world for gold and silver investors, the fact that both metals took such big hits and have yet to recover is a telling sign. Unless the FOMC has something pretty shocking to say at their upcoming meeting, it is looking more and more like gold and silver may fall further, despite many experts claiming that both metals are already pretty close to the bottom of the market.

European Unemployment Down

In the early morning hours on Friday, it was reported that unemployment in the EU had dropped to its lowest level in more than 2 years. Unemployment for October was down .1% from September and came in at 12.1. In other news out of the EU, it was reported that inflation is on the rise, having recently jumped from .7% to .9%; something that has slightly quelled fears that the EU was slipping into a deflationary period.

Apart from that small bit of news out of Europe today, the marketplace is, for the most part, generally quiet. With no US economic reports due out today and trading activity muted due to most markets closing a few hours early, the rest of Friday will likely wear on with little incident.