Silver Spot Price down as Syria Accepts Russian Proposal

on Sep 10, 2013
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iNVEZZ.com Tuesday, September 10th: Silver plummeted today on easing concerns over a U.S. military strike against Syria.

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In New York silver for December delivery traded 1.7 percent lower at $23.31 an ounce during European morning trade, after settling at $23.71 yesterday, a 0.75 percent drop.
Today’s range was between a $23.14 low and a $23.79 high. Silver prices were supported at $23.04, the low from September 5, while resistance was found at $24.13, the high from September 8.

Walid Muallem, Syrian foreign minister, announced today during a trip to Moscow that Syria accepted Russia’s proposal to give up chemical weapons, after U.S. President Barack Obama said yesterday that he would put plans for a military strike in the Asian country on hold if it agreed to the Russian diplomatic initiative.

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Silver Spot Price Drops amid Fed Stimulus Uncertainty Oil Silver Spot Price Surges On Nonfarm Payroll News

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The Congressional vote on authorizing the military strike, which Obama had requested, was delayed by Senate Majority Leader Harry Reid yesterday. The voting had been initially scheduled for tomorrow.
Meanwhile, investors have been closely looking into the Fed’s next move in terms of its $85 billion a month commodities-friendly bond-buying programme. A decision is expected during the next FOCM meeting scheduled for September 17-18. According to a September 6 Bloomberg News survey, Fed policy makers will cut monthly debt purchases by $10 billion, despite the fact data that day showed fewer than forecast U.S. jobs were added in August. The silver price this year has traced the changing expectations about when the Fed will start tapering its quantitative easing activities.

Official data released earlier this month showed that China’s industrial production rose 10.4 percent during August, outperforming a 9.9 percent estimate and accelerating from a 9.7 percent gain in July, supporting silver which is not only a safe-haven investment but is also widely used in manufacturing.
**Silver spot traded at $23.07 an ounce registering a 2.73 percent, while December futures were at $23.09 an ounce, 2.66 percent down on the Comex division of the NYMEX as of 14.49 BST.**

**Platinum**
Platinum, along with the other precious metals was down today after a strong month.
During August the white metal continued its July rally. It opened the month at $1,439 and initially traded in a tight price range. The price was pulled higher by concerns about supply disruption in South Africa as wage negotiations in platinum mines approached.
!m[Markets Await Fed Meeting Next Week](/uploads/story/5379/thumbs/pic1_inline.jpg)
The $1,550 threshold was surpassed in Asian trading on August 27 after US Secretary of State John Kerry’s statement on the alleged chemical attack by the Syrian government against civilians. Pulled down by positive U.S. GDP data, the metal ended the month in London at $1,521.
**Platinum spot traded 0.8 percent lower at $1,471.74 an ounce as of 15.07 BST.**

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Silver Spot Price Drops amid Fed Stimulus Uncertainty Oil Silver Spot Price Surges On Nonfarm Payroll News

Bid HIGH or LOW
http://nvz.bz/18RqGnR

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