Coffee Sipping Big Board Stocks

[EZ2]

Just a little food for thought ----- the usual 'daily grind' ~~~

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Silver Turns Higher Early Wednesday After Plunging Tuesday on Economic Concerns, Strengthening Greenback

MIDNIGHT TRADER 9:11 AM ET 04/16/14


09:11 AM EDT, 04/16/2014 (MT Newswires) -- Silver futures were higher Wednesday morning, returning a big chunk of Tuesday's losses after China's Q1 GDP figure ended up being slightly higher than estimated.

It was a perfect storm of events to make silver the top percentage loser on the Comex on Tuesday. The metal, which behaves both like an industrial metal and also like a precious metal tracked its precious metal counterpart gold lower as the greenback climbed. On the industrial side, concerns over China's growth reading hit the sentiment for the metal's demand prospects.

Although most commonly thought of as a precious metal due to its use as a store of wealth, unlike gold, silver has a huge industrial demand component, therefore the metal is sensitive to any indication that the global economy is headed for a slowdown.

On Wednesday morning, the metal is staging a bit of a comeback after China reported Q1 GDP growth of 7.4%, just above the 7.3% median analyst estimate according to a Bloomberg poll.

On Tuesday, silver futures shed as much as 3.4% of their value to hit $19.24 an ounce, their lowest price since Feb. 4 according to Reuters. At last check, Wednesday morning silver futures for May delivery were up 1.3% at $19.76 per ounce.

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