This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Silver Rises On Jobs, Moves Higher

Silver Rises on Jobs, Moves Higher

Silver received a boost last Friday, gaining $0.45 for the day and closing at $27.35, following the release of a disappointing US employment report. Although the metal started the week by losing a nickel, it more than recovered on Tuesday, when silver prices jumped $0.68 for the day, finishing two cents shy of the $28 mark.

Tuesday's gains were the largest since January, according to Bloomberg. The move was largely attributed to short covering, bargain hunting and expectations that major central banks will continue to employ policies considered bullish for precious metals.

Wednesday's release of Federal Open Market Committee meeting minutes doused these expectations. The document reveals that debate continues within the Fed regarding how long current monetary policies should continue. Discussions about the potential risks associated with these measures are also ongoing.

Also in the US, on Wednesday, both the Dow (INDEXDJX: .DJI) and S&P 500 (INDEXSP: .INX) hit record highs, putting further pressure on silver. Added to the mix was the gold market's negative response to reports that Cyprus plans to sell 400 million euros worth of its gold reserves. Silver followed the yellow metal's decline and finished the day with $0.33 in losses, ending at $27.65. Thursday, the Cypriot central bank denied the claims that it plans to sell its gold, asserting that the matter has not even been discussed.

Silver has managed to keep above $27 all week and even briefly breached the $28 mark during trading. But the futures market is still extremely heavy on the short side.

Last week's Commitment of Traders report shows that there were further aggressive additions by speculative shorts. Short positions, which are at a five-year high, saw the addition of 635 metric tons. However, since Tuesday is the cut-off day for the reporting period, the market's response to March US employment data will be reflected in this week's report.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs