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FXEmpire | November 10 2012 3:18 EST
By FXEmpire.com
Introduction: Silver futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific quantity ofsilver(eg. 30000 grams) at a predetermined price on a future delivery date.
Some Facts about Silver
Silveris a soft, shiny and heavy metallic element with a brilliant white luster. A very ductile and malleable metal, its thermal and electrical conductivity is the highest of all known metals.
Besides being used as a store of value, other main uses of silver include applications in areas such as electronics, photography and as antiseptics.
Consumers and producers of silver can manage silver price risk by purchasing and selling silver futures. Silver producers can employ ashort hedgeto lock in a selling price for the silver they produce while businesses that require silver can utilize along hedgeto secure a purchase price for thecommoditythey need.
Silver futures are also traded by speculators who assume the price risk that hedgers try to avoid in return for a chance to profit from favorable silver price movement. Speculatorsbuy silver futureswhen they believe that silver prices will go up. Conversely, they willsell silver futureswhen they think that silver prices will fall.
Weekly Analysis and Recommendations:
Silver ended the week on an up mode, trading at 32.593 as traders moved to precious metals for safe haven. Risk aversion took over market sentiment after Mr. Obama won re-election on Tuesday. Speculators began to worry about the US fiscal cliff looming on January 1, 2013. Most positive eco data from the US and China also helped strengthen industrial metals.
Date | Last | Open | High | Low | Change % |
Nov 09, 2012 | 32.593 | 32.320 | 32.783 | 32.067 | 0.89% |
Nov 08, 2012 | 32.307 | 31.818 | 32.435 | 31.640 | 1.53% |
Nov 07, 2012 | 31.820 | 31.892 | 32.408 | 31.225 | -0.22% |
Nov 06, 2012 | 31.890 | 31.195 | 32.273 | 31.068 | 2.23% |
Nov 05, 2012 | 31.193 | 31.050 | 31.243 | 30.660 | 0.45% |
Reports from the COMEX showed a drop in inventory, due to a higher demand for spot silver.
Silver also shot up on heavy speculative off take from investors and good industrial buying.
In Europe, silver rose to a three-week high amid optimism over soft US monetary policy after President Barack Obama’s re-election.
Market analysts said increased buying by speculators on hopes a rise in demand in the spot market during festive season amid a firm global trend mainly pushed up silver futures.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Major Economic Events for November 5 9 actual v. forecast for Euro, GPB, the Franc, and USD
Date | Currency | Event | Actual | Forecast | Previous |
Nov. 05 | EUR | Spanish Unemployment Change | 128.20K | 90.50K | 79.60K |
GBP | Services PMI | 50.6 | 52.0 | 52.2 | |
USD | ISM Non-Manufacturing Index | 54.2 | 54.5 | 55.1 | |
Nov. 06 | CHF | SECO Consumer Climate | -17 | -22 | -17 |
GBP | Halifax House Price Index (MoM) | -0.7% | 0.3% | -0.4% | |
GBP | Industrial Production (MoM) | -1.7% | -0.6% | -0.5% | |
GBP | Manufacturing Production (MoM) | 0.1% | 0.3% | -1.2% | |
GBP | Industrial Production (YoY) | -2.6% | -1.6% | -1.0% | |
EUR | German Factory Orders (MoM) | -3.3% | -0.5% | -0.8% | |
RUB | Russian CPI (MoM) | 0.5% | 0.7% | 0.6% | |
GBP | NIESR GDP Estimate | 0.5% | 0.8% | ||
Nov. 07 | CHF | CPI (MoM) | 0.1% | 0.3% | 0.3% |
EUR | Retail Sales (MoM) | -0.2% | -0.1% | 0.2% | |
EUR | German Industrial Production (MoM) | -1.8% | -0.5% | -0.4% | |
USD | 10-Year Note Auction | 1.675% | 1.700% | ||
Nov. 08 | GBP | Interest Rate Decision | 0.50% | 0.50% | 0.50% |
GBP | BOE QE Total | 375B | 375B | 375B | |
EUR | Interest Rate Decision | 0.75% | 0.75% | 0.75% | |
USD | Trade Balance | -41.5B | -45.0B | -43.8B | |
USD | Initial Jobless Claims | 355K | 370K | 363K | |
USD | Continuing Jobless Claims | 3127K | 3253K | 3262K | |
Nov. 09 | CNY | Chinese CPI (YoY) | 1.7% | 1.9% | 1.9% |
CNY | Chinese PPI (YoY) | -2.8% | -2.7% | -3.6% | |
CNY | Chinese CPI (MoM) | -0.1% | 0.1% | 0.3% | |
CNY | Chinese Fixed Asset Investment (YoY) | 20.7% | 20.6% | 20.5% | |
CNY | Chinese Industrial Production (YoY) | 9.6% | 9.4% | 9.2% | |
CNY | Chinese Retail Sales (YoY) | 14.5% | 14.0% | 14.2% | |
EUR | German CPI (MoM) | 0.0% | 0.0% | 0.0% | |
EUR | German CPI (YoY) | 2.0% | 2.0% | 2.0% | |
GBP | Trade Balance | -8.4B | -8.9B | -10.0B | |
USD | Import Price Index (MoM) | 0.5% | 0.0% | 1.1% | |
USD | Michigan Consumer Sentiment | 84.9 | 83.0 | 82.6 |
Historical: From 2010 to present
Highest:49.813 on Apr 25, 2011
Average:28.468 over this period.
Lowest:14.655 on Feb 05, 2010
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
Date | Time | Currency | Event | Forecast | Previous |
Nov. 13 | 07:45 | EUR | -0.1% | ||
08:15 | CHF | 0.2% | 0.3% | ||
09:30 | GBP | 2.3% | 2.2% | ||
09:30 | GBP | -0.1% | -0.2% | ||
09:30 | GBP | 0.2% | 0.4% | ||
09:30 | GBP | -0.5% | -1.2% | ||
10:00 | EUR | -9.8 | -11.5 | ||
19:00 | USD | -114.0B | 75.0B | ||
Nov. 14 | 07:45 | EUR | -0.3% | ||
09:30 | GBP | 1.9% | 1.7% | ||
09:30 | GBP | -4.0K | |||
10:00 | EUR | -1.9% | 0.6% | ||
13:30 | USD | 0.1% | |||
13:30 | USD | 0.2% | 1.1% | ||
13:30 | USD | 0.2% | 1.1% | ||
13:30 | USD | -0.2% | 1.1% | ||
13:30 | USD | 2.6% | 2.1% | ||
13:30 | USD | 2.4% | 2.3% | ||
Nov. 15 | 07:00 | EUR | 0.2% | 0.3% | |
07:00 | EUR | 0.8% | 0.5% | ||
09:30 | GBP | -0.1% | 0.6% | ||
09:30 | GBP | 1.7% | 2.5% | ||
10:00 | EUR | 2.5% | 2.5% | ||
10:00 | EUR | -0.2% | -0.2% | ||
10:00 | EUR | 1.5% |
Government Bond Auction
Date Time Country
Nov 12 10:10 Slovakia
Nov 12 10:30 Germany
Nov 13 01:30 Japan
Nov 13 09:30 Holland
Nov 13 10:10 Greece
Nov 13 10:10 Italy
Nov 13 10:30 Belgium
Nov 13 15:30 UK
Nov 14 10:10 Italy
Nov 14 10:10 Sweden
Nov 14 10:30 Germany
Nov 14 10:30 Swiss
Nov 14 11:00 Norway
Nov 15 01:30 Japan
Nov 15 09:50 France
Nov 15 10:30 UK
Nov 15 10:50 France
Nov 15 16:00 US
Click here for further Silver Forecast.
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