Silver prices hold $21.35 today...
Chicago (Nov 11) It’s a slow day on the entire market today, but things will start to heat up later this week. Silver and gold aren’t doing much. Gold is trading slightly lower, but silver is managing to stay green in early trading. Silver is trading up about $0.03 right now at $21.35/oz. Not much of a gain, but with volume lighter than usual today – investors will take what they can get.
So, what should investors watch for this week. Earnings season continues this week with major retailers getting in on the action. We’ll get a decent look at consumer spending based off earnings from Wal-Mart and Macy’s.
Any potential data points will help investors get an idea on what the Fed plans to do with QE and tapering.
October’s jobs report last week increased the chances of a Fed tapering soon. Still, one report isn’t enough for a taper to start next month. Investors and analysts will want to see additional data supporting Friday’s report. Consumer spending would be one of them.
Investors will also be keeping close watch on Janet Yellen’s confirmation hearing later this week. She is expected to testify on Thursday. Topics will probably include current/future monetary policy and how the economy is doing. What she says could have major implications for the market towards the end of the week.
Silver and gold investors will want to watch this closely. Sooner than expected taper would be bearish for the metals.