The silver market has been cooling down in recent weeks. But will the upcoming minutes of the FOMC meeting jump start the silver market again?
During last week, silver dropped again by 2.1%. The silver ETF iShares Silver Trust (SLV) also shed 1.7% off its price. Moreover, the major silver stocks also such as Silver Wheaton (SLW) and Pan American Silver (PAAS) fell last week by 3.6% and 5%, respectively. These companies also presented less than impressive second quarter earnings reports, which may have also contributed to their last week’s losses.
Silver and FOMC
The FOMC will release on Wednesday the minutes of the last FOMC meeting. In the past meeting, the release seems to have had a negative impact on the bullion market as indicated in the table below.
But as you can also, see there has been a bit of a seesaw movement in the price of silver from one FOMC meeting to the next. It appears that every time the FOMC’s tone turns a bit more hawkish, the FOMC slightly changes the wording of the press release in the following meeting with a more dovish tone.
For the rest of the report you can see it at Seeking Alpha
For more see:
- 3 Takeaways from Silver Wheaton’s Earnings
- Market Movers: How to use Correlations
- 3 Reasons to Prefer Silver Wheaton Corp over Silver ETFs
- Will This Silver Company Rally?