Silver spot price rises sharply after underwhelming US Consumer Sentiment

on Jan 17, 2014
Updated: Oct 21, 2019

**, Friday 17 January:**

The spot price of silver has today exceeded $20.3 for the first time in three days, rising sharply after data showed US consumer confidence deteriorated in January.
The preliminary reading of the University of Michigan’s US Consumer Sentiment for January checked in at 80.4, confounding analysts that had expected an improvement to 83.4 from December’s 82.5. The gauge is a leading indicator of consumer spending and has shown strong positive correlation with the greenback.

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“The metals really seem to be trading in a risk on risk off manner currently, taking cues from moves in the USD, Treasuries and equities” observe analysts at HSBC.

Deutsche Bank announced today that it will withdraw from the gold and silver fixing business after scaling back its commodities division. The German bank is one of five involved in the twice-daily global price setting, but looks to sell its gold and silver seats to another member of the London Bullion Market Association. Nevertheless, DB underlined in the press released that it remains committed to its precious metals business.

Meanwhile in Canada, Coeur Mining Inc. reported today that its 2013 silver production was below the firm’s guidance. “Full-year silver production totalling 17.0 million ounces was 5 percent below the low end of company guidance, which was mostly a result of slower-than-expected leach recoveries at our Rochester mine in Nevada,” says Coeur Mining CEO Mitchell Krebs. The company will ramp up output this year and expects to produce between 17 and 18.2 million ounces of silver.
Right now, spot silver is trading at around $20.305, up 1.24 percent intraday.
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