Silver’s downward trend reached an impasse last week. Let’s examine the relation between silver and U.S equities and gold. Also, will the upcoming non-farm payroll report adversely impact the price of silver?
Last week, silver inched up 0.2%. The silver ETF iShares Silver Trust (SLV) also edged up by 0.1%. Moreover, companies including Silver Wheaton (SLW) and Pan American Silver (PAAS) also slightly recovered by 0.4% and 1.9%, respectively.
U.S labor market and silver
This coming Friday, the U.S non-farm payroll report will be released. In the previous report, 209,000 jobs were added in July, which was slightly below market expectation. As a result, the USD and silver didn’t move much on the day of the report’s release, as presented in the table below.
For the rest of the report you can see it at Seeking Alpha