The silver bullion market has additionally forged a well known range down move in the overnite action and in the act the silver bullion market reached down to the lowest level since April 16th. As in the gold market, the silver bullion and certified coins trade needs to be unsatisfied with overnight developments, as potentially positive Chinese economic forecasts were discounted in favor of fresh austerity fears in Europe, ongoing slowing fears toward the economy of the USA and because of a flurry of fresh political upheavals in Europe.
Silver Bullion, Rare Coins and Certified Coins market report
In addition to the prospect of a leadership change in France and so the ECU, the markets are also seeing political and business strains in certain Dutch debt instruments overnite. With rather noted declines in world equity markets and adverse currency market action, the bear camp in silver bullion, Rare Coins and Certified Coins needs to be feeling confident to start the new trading week. While there is a regional US Fed summit meeting scheduled today, the US commercial report slate is rather thin today and therefore it may be hard to alter the initial negative track facing most physical commodity markets. The silver Bullion market could be weakened by stories of a rather sharpened decline in Chinese March silver bullion import figures. Comex Silver bullion Stocks were 138.742 million oz up 727,057 oz.. Silver stocks have increased Twelve of the last Twenty days. The Commitments of Traders Futures and Options report as of April 17th for Silver bullion and Rare Coins showed Non-Commercial traders were net long 21,309 contracts, a cut back of 50 contracts. The Commercial traders were net short 30,186 contracts, a decrease of 266 contracts. The Non-reportable traders were net long 8,876 contracts, a lessening of 217 contracts. Non-Commercial and Non-reportable mixed traders held a net long position of 30,185 contracts. This represents a cut back of 267 contracts in the net long position held by these traders.
OUTSIDE MARKET DEVELOPMENTS : ( 600 AM CT ) Equity markets in Asia were weaker overnight, with the market unable to spin a positive Chinese manufacturing forecast into a distinct positive. European markets were also weaker to commence today off fresh CDS and debt concerns from the Netherlands. Early in America trade today, share costs were sharply lower, with the markets seemingly seeing a carrying on of EU Buck sector debt issues without delay ahead. Adding into the negative vibe toward the EU Buck area, was a weaker than expected Euro section April services PMI result. While the US economic report slate today is effectively empty, many markets have apparently started the new trading week in definitive risk off position.
Obviously the Silver Bullion market took the overnite deterioration in worldwide macro commercial conditions noticeably harder than the gold market as the May silver bullion contract on occasions today was as much as $1.19 below last Friday’s US close. A degeneration in physical commodity demand perspectives combined with negative Chinese silver import information for a definitely negative short term view toward silver bullion and Rare Coins prices. It doesn’t need to be said that silver Bullion and Certified Coins was also weakened in the train of the hard down action in US shares and seeing harmful foreign exchange market action also appeared to be pushing some silver longs to the sidelines. Like gold, the shorts might not be inclined to cover their positions till the FOMC statement is closer to hand.