|08-15-2014, 01:05 AM||#1|
Silver Prices Decoupling From Gold
Last week December gold futures on the Comex division of the New York Mercantile Exchange settled up 1.25% on the week while September silver fell 2.1%. That’s unusual because gold and silver generally trade in tandem.
Gold received a late-week boost on geopolitical tensions, but silver was unable to follow suit.
Silver has been in a downtrend seen since mid-July, falling to a seven-week low of $19.74 for cash silver, $19.76 for December futures on Wednesday, said Jonathan Butler, precious metals strategist for Mitsubishi Corporation.
“Unlike gold, silver failed to benefit much from an escalation of geopolitical tensions and instead was worn down by a strengthening dollar,” he said.
At most the geopolitical tensions kept silver from extending its losses, said Bart Melek, head of commodity strategy at TD Securities.
Daily technical charts show December silver is holding right around the 100-day moving average, which comes in around $20.016. Silver dipped under that level several times last week, which leaves the market vulnerable from a technical chart standpoint, he said.
Melek also pointed out physical demand for silver was sluggish for July. U.S. Mint sales of silver coins fell 27% month over month in July, the lowest level this year.
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