Silver prices (XAG/USD) have risen for three consecutive sessions and are hovering around $50.90/oz in Asia this morning. This "non-interest-bearing" metal is gaining traction as US economic uncertainty heightens expectations of a Fed interest rate cut. Fed Governor Stephen Miran's comments to CNBC that inflation is starting to ease—even opening up the option of a 50 bps cut in December (or at least 25 bps)—have further strengthened silver's bullish sentiment.
Less than favorable data has also added fuel: October job losses (especially in the government and retail sectors) and consumer sentiment dropping to a 3.5-year low. The market (CME FedWatch) now rates the chance of a 25 bps cut at ~62%. On the other hand, euphoria could be tempered if the US shutdown officially ends: the Senate has passed the funding bill 60-40, it has been brought to the House of Representatives, and President Trump has expressed support. If the government reopens, official data will be released, potentially moving the USD/yield, which could test the resilience of the silver rally. (az)
Source: Newsmaker.id
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