Silver Drops to New Low on Revised JPMorgan Outlook

iNVEZZ.com reported that silver reached a new four-year low on Friday on the back of JPMorgan Chase & Co. (NYSE:JPM) reducing its 2014 and 2015 gold and silver forecasts.

As quoted in the market news:

Silver for immediate delivery had slid 0.58 percent, or nearly nine cents, to $15.30 as of 07:47 GMT, and was trading nearly 13 percent below its 50-day simple moving average of $17.56. It reached a fresh four-year low of $15.04 earlier today. Spot silver looks poised to record its fourth straight intraweek decline, it has tumbled nearly 12 percent over the period.

Today’s US Non-Farm Employment Change report, due at 13:30 GMT, from the Department of Labor, could provide more evidence of a strengthening economy, influencing the Fed and possibly reducing demand for silver and other zero-yielding assets.

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