Silver Price Analysis
We had bust week of U.S. data highlighted by Friday morning’s employment situation report for August from the Labor Department. Key data showed the following:
- Non-farm payrolls number up 187,000, which is slightly above the consensus forecast of up 170,000 and compares to a downwardly revised rise of 157,000 in the July report and a revised gain of 105,000 in the June report.
- The U.S. unemployment rate in August rose to 3.8% compared to a rate of 3.5% in the July report.
The downward non-farm jobs revisions in the July report and the mild gains in the June report push the overall internals of the August jobs report slightly into the dovish camp which is bullish for the metals.
Silver was pretty flat over the week, but had some swings throughout the week that traders could have profited from.
Silver Chart
Portfolio Update
Price is little changed from my last report, but premiums look to have fallen. My current assets are valued at $2,089.63 with a total acquisition cost of $2148.89.
Asset Allocation Chart
Asset Holding by Product