Silver Remains Under $21 as Market Awaits Series of Speeches From Key Central Bankers

Silver is trading slightly in the red on Wednesday with the precious metal failing to climb above $21 an ounce.

A down day so far on stock markets as investors once again fear for the global economy’s ability to grow at the same time as central banks adopt increasingly hawkish policies has given a slight knock to silver’s price, albeit with a smaller decline than seen on equities. 

Live Silver Price – $/oz

Today sees the heads of the European Central Bank, the Bank of England and the Federal Reserve all giving speeches with their words closely analysed by traders and investors alike to better understand the likely trajectory of rate rises three of the world’s largest banks have planned. 

For holders of silver the comments of Christine Lagarde, Andrew Bailey and Jerome Powell will be of great interest seeing as it was the Fed’s initial announcement that it would start hiking rates that triggered the plunge in silver’s price back in April.

Since that early April highpoint, it has been a sorry few months for silver so investors will be hoping that today’s comments don’t materially alter built in expectations about when and by how much these central banks will implement further rate hikes.

Carlo Alberto De Casa is an external Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. Carlo provides regular commentary for UK notable outlets including the BBC, Telegraph, The Independent, Bloomberg, FX Empire and Reuters.

With a credential background in Economic Finance and International Exchange (MA), his critical analysis on gold and silver’s markets performance is frequently quoted by leading publications, week-on-week.

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.