Paul Eberhart - Senior Metals Market Analyst & Columnist
Senior Market Analyst and Columnist
Paul Eberhart has been actively trading and writing about precious metals for more than a decade. A U.S. Army Iraq War Combat Veteran, he holds an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill.
His market analysis has been enjoyed by hundreds of thousands of investors and shared on several platforms in the gold and silver online community.
The saying, "out of the frying pan, into the fire" comes to mind. That is to say, just as more and more cities and states across the United States begin the challenge of opening back up and trying to bring their economies back to life, America, as a whole, takes a turn for the worse.
Last Wednesday, the price of silver had a closing price of approximately $15.75, and this morning, in the pre-opening bell hours, silver is poking its head above $18.
That's a surge of nearly 15% in one week!
What has happened over the course of the week that's giving us an impressive move in the price of silver?
It comes down to many factors, and here are two that are noteworthy: The increased uncertainty regarding the markets and the economy, and the ongoing US Treasury Secretary Steve Mnuchin & Fed Chair Jerome Powell reassurances to the public and to Congress...
Over the course of the last week, there have been several economic data releases and market events that have all been historic in nature.
For example, on Friday, we learned that over 20,000,000 people lost their jobs in the month of April alone. Also, last Friday, the market's Implied Fed Funds Rate went negative for the first time, ever. The record-breaking didn't stop on Friday, however. For example, just yesterday, Tuesday, May 12th, core CPI crashed by the most ever, and we also learned the US Federal government racked-up the largest one-month deficit in April, coming in at nearly $750 billion, which means three-fourths of a trillion dollars was added to the US National Debt, in just one month!
To nobody's surprise, varying degrees of bad economic data and reports continue to be released.
Interestingly, however, it seems market participants don't quite know what to do with the news.
For example, there have been around 30,000,000 people who have lost their jobs in recent weeks, averaging about 5,000,000 new, initial unemployment claims filed, but last week's Department of Labor News Release showed initial unemployment claims were under 3.8 million...
Gold's broken-out over the last week, silver's had some interesting volatility, platinum put in a massive 1-day move the the upside, and more...
The precious metals are on the move! Some of the highlights include: Gold reaching fresh multi-year highs. Silver moving from the $14s just last week to battling $16 this week. Platinum surging nearly $90 in one single day.