Silver Monthly Fundamental Forecast September 2013
NEW YORK (Sept 1) Silver closed the month at 23.555 after braking above 25$ as risk aversion drove precious metals higher. As the week’s session ends, commodities were in red while equities steadied. The firmer dollar weighed on commodities. Upbeat economic indicators from the US kept the dollar near four week highs. Receding fears of possible military action by the US-led forces on Syria lead commodity prices down. Bullion and base metals dropped as well as worries over Syria ebbed. Spot gold and silver dropped around one per cent. Increased prospects of rollback of bond buying program following strong economic data from the US weighed on the yellow metal too. However, the commodity was on its course to post gains for the second consecutive month. On LME, base metals tumbled. Barring lead, other metals hit a three week low. In the meantime, advances in the local currency against the USD added further liquidation pressure on commodities. Among the base metals, lead lost the most, falling over three per cent followed by nickel, zinc, aluminum and copper.