Silver Traders Get Jittery Ahead of U.S. Non-farm Payroll Data (SLV)
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iShares Silver Trust (NYSE: SLV), silver, and precious metal investors are becoming increasingly jittery ahead of the release of the U.S. non-farm payroll data tomorrow. Analysts are expecting a June increase of 90k jobs in the U.S., compared to a gain of only 69k in May.
Today's ADP report showed a gain well above expectations at 176k vs. 100k expected. If hints taken from ADP prove correct, a jobs number beat tomorrow could prove fatal for silver and other precious metals, as it would crimp expectations for QE3 in the U.S.
SLV was trading lower by nearly 2.5 percent in early trading on Thursday following the ADP report. The spot price of silver was trading at $27.64.
Today's ADP report showed a gain well above expectations at 176k vs. 100k expected. If hints taken from ADP prove correct, a jobs number beat tomorrow could prove fatal for silver and other precious metals, as it would crimp expectations for QE3 in the U.S.
SLV was trading lower by nearly 2.5 percent in early trading on Thursday following the ADP report. The spot price of silver was trading at $27.64.
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