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Silver Market Report
Fri 03 Feb 2012 11:18:01 CT
Related Keywords: Metals
Related Keywords: Metals
Mid-Session Silver Market Report
Like gold, silver was undermined by a better than expected payroll result and by talk that US QE3 might not be in the near term cards. However, portions of the bull camp in silver still think the payroll report will in some way underpin silver and other physical commodity markets, as concerns of slowing forward motion in the US economy, were tempered this morning. In fact, many traders and press sources this morning, thought that the initial optimism in equities would mitigate or reverse into the European closes, but instead equities and Treasuries into mid session were conclusively holding onto their initial risk-on views. In the end, gold and silver today seemed to be taking their direction from technical balancing pressures and perhaps because of a temporary balancing of US interest rate views.
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