Silver prices stayed close to the $17 threshold last week. Aftermarket trading caused a small uptick in silver prices on Monday morning, but selling sent the price to $16.97 by the close. The ongoing action resulted in Tuesday’s opening of $16.74. Some of this price was recovered as the market prepared for the report from the Fed on Wednesday. That anticipation produced a bump in silver prices back above the $17 mark for a Wednesday open of $17.17. The Fed’s announcement of a quarter percentage point increase in interest rates took back some of the day’s increase to end at $16.95. 1 The silver price chart reported a Thursday opening of $16.75, which was also the closing price. A slightly lower Friday opening at $16.71 preceded a similar day of light activity before a final quote of $16.70 to close off the week.
Many market analysts are evaluating the Fed’s seemingly bullish stance on the U.S. economy in light of ongoing mixed signals from the economic data being reported. Both retail sales and inflation reports this week seemed to discount at least in part the comments about the market and the chance for another rate increase similar to the 25 basis points implemented for June.
Other market data suggests the potential for a significant recession in the next 12 months, both here and abroad. 2 U.S. Treasury yields for ten-year notes are at the lowest point since last November. There are also growing concerns over the potential for an oversold equities market. This week’s data on housing will further inform the country’s economic picture for analysts.