Will Silver Resume Its Descent?

By Lior Cohen:

Silver’s downward trend reached an impasse last week. Let’s examine the relation between silver and U.S. equities and gold. Also, will the upcoming non-farm payroll report adversely impact the price of silver?

Last week, silver inched up 0.2%. The silver ETF, iShares Silver Trust (NYSEARCA:SLV), also edged up by 0.1%. Moreover, companies, including Silver Wheaton (NYSE:SLW) and Pan American Silver (NASDAQ:PAAS), also slightly recovered by 0.4% and 1.9%, respectively.

U.S. labor market and silver

This coming Friday, the U.S. non-farm payroll report will be released. In the previous report, 209,000 jobs were added in July, which was slightly below market expectation. As a result, the USD and silver didn’t move much on the day of the report’s release, as presented in the table below.

(click to enlarge)

Source of data: Bloomberg and U.S Bureau of Labor Statistics

Usually, if the report shows a high growth in jobs and beats

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