Phil Carr
The Gold & Silver Club
Silver prices shifted into correction mode after data showed U.S retail sales unexpectedly increased in August, easing some concerns about a sharp slowdown in economic growth.
On Thursday, the Commerce Department reported a surprising 0.7% growth in retail sales in August versus expectations of a decline, signalling strong consumer sentiment despite rising delta variant coronavirus cases. With the Philadelphia Federal Reserve also reporting strong manufacturing activity and optimism among firms surveyed about the coming six months – traders believes the Federal Reserve could increase interest rates sooner than expected.
Looking ahead, the major event that traders will be closely monitoring for clues on the markets next big move will be the upcoming FOMC Policy Meeting.
Traders will be watching to see if Fed officials reveal any fresh insights into the anticipated wind down of the central bank’s massive quantitative program, especially in light of recent economic data.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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