The price of silver bounced back on Friday from its slow descent throughout most of last week. The recent FOMC decision and non-farm payroll report may have pushed silver in different direction but on a weekly scale the price of silver slightly declined. Will silver resume its downward trend? Looking forward, several news items could move the price of silver. Let’s examine the main events and publication that may affect the price of silver and silver ETFs.
The modest drop in the price of silver has reflected in a decline in the demand for silver ETFs such as iShares Silver Trust (SLV). During the previous week, the Silver Trust’s price slipped by 1.3%. Conversely, some other Silver investments such as Silver Wheaton (SLW) slightly rose by 0.5%. This week, the upcoming testimony of Janet Yellen, the U.S job opening and labor turnaround survey, and the progress of the U.S dollar could affect the price of silver. Let’s analyze these issues.
U.S economy and silver
Following last week’s the FOMC convened for its third meeting this year. As expected, the FOMC tapered again its asset purchase program.
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