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iNVEZZ.com reported that on Friday morning silver slipped below $16 for the first time since 2010. Later, silver for immediate delivery was able to make it back up to $16.05 per ounce.
iNVEZZ.com reported that on Friday morning silver slipped below $16 for the first time since 2010. Later, silver for immediate delivery was able to make it back up to $16.05 per ounce.
As quoted in the market news:
Precious metal prices took a hit [Thursday] after data from the Bureau of Economic Analysis showed that year-on-year US GDP growth in Q3 came in at a higher-than-expected rate of 3.5 percent. Silver had already been put under pressure earlier this week after the Fed largely dismissed recent financial market volatility, slow growth in Europe and a weak inflation outlook as unlikely to hinder progress towards its labour market and inflation goals.
Silver’s appeal as an alternative to equities also waned [Friday] after the Bank of Japan’s (BOJ) policy board voted by a 5-to-4 margin to expand the pace of its quantitative easing asset purchasing programme. The unexpected announcement sent the Nikkei 225 index flying. It closed at a seven-year peak of 16,413.76 points following a 4.83 percent gain.