Market Watch: Why Silver May Have More Room to Run

Article by Steve Goldstein in Wall Street Market Watch

It doesn’t get much bigger than the nonfarm payrolls report and a speech from a Fed chairman. And on Friday, the markets get both.

The Labor Department reported that U.S. jobs growth slowed to 130,000 in August and the unemployment rate stayed at 3.7%, and the prior two months were revised lower, data that will reignite concerns about the global economy. The report did have positives, however, including a rise in hours worked and an increase in pay.

One of the stars during this bout of global economic fear has been silver. Not only did it recently reach a three-year high, it is also making inroads on a relative basis to gold.

“Market participants have been missing gold’s upswings and are likely now expressing this through silver and, more recently, platinum as well,” said Joni Teves, a strategist at UBS.

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