Silver opened only slightly lower Monday, down from a positive U.S. jobs report Friday. Tuesday, however, showed silver price gains, snapping a two-day losing streak, as safe haven energy reentered the market. Equity and oil was down, lending strength to precious metals. Negative interest rates in Japan, a “Grexit” and a “Brexit,” as well as falling oil prices contributed to a risk averse mentality in the marketplace.
Wednesday’s silver price eased as risk aversion abated and the market recovered slightly. This week, silver largely followed the trajectory of gold prices, as the same factors influenced the yellow metal.
By Thursday, silver prices had regained momentum as the effects of recent Federal Reserve announcements hit the marketplace. The Fed’s March minutes were released, and Janet Yellen announced earlier in the week that the economy was weaker than expected and that the robust plan for raising interest rates may be on a slower course of action. This is a positive signal for precious metals.
The silver price gains continued into Friday, despite Janet Yellen’s address on Thursday with a more positive spin on the trajectory of the economy. Silver closed the week with gains around $0.35.