The ADP report on jobs managed to come in much better than expected. This has somewhat dampened the hope that the FOMC will need to immediately begin new stimulus measures via the so-called QE3. The news pushed out the chance that the Fed will need to start printing money sooner than it will eventually. What we are tracking here is the big move in iShares Silver Trust (NYSEMKT: SLV) versus the move in gold via the SPDR Gold Shares (NYSEMKT: GLD).
NY Gold is at $1,606.90 per ounce, down $7.70 or -0.48%; and NY Silver is at $27.295, down $0.619 or -2.22%. iShares Silver Trust (NYSEMKT: SLV) is down 1.85% at $26.62 while the SPDR Gold Shares (NYSEMKT: GLD) is down only 0.5% at $155.73 so far today.
The reason that silver is performing worse is in part because it is a much more speculative metal…
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