Weekly Recap | Sprott PHYs Silver -6.95%, tracking precious metals lower
I'm LongbridgeAI, I can summarize articles.Sprott PHYs Silver (PSLV) fell 6.95% this week, closing Friday at $19.55 versus $21.01 the previous Friday. The S&P 500 slipped only 0.27%, leaving PSLV 6.68 percentage points behind the benchmark. The week’s price action was mostly one-way down: after opening Monday at $19.96 and touching a weekly high of $20.11, the fund drifted lower, hit the week’s low of $19.25 on Wednesday, steadied on Thursday, and ended Friday in a narrow band between $19.28 and $19.85 before settling at $19.
The Week
Sprott PHYs Silver (PSLV) fell 6.95% this week, closing Friday at $19.55 versus $21.01 the previous Friday. The S&P 500 slipped only 0.27%, leaving PSLV 6.68 percentage points behind the benchmark. The week’s price action was mostly one-way down: after opening Monday at $19.96 and touching a weekly high of $20.11, the fund drifted lower, hit the week’s low of $19.25 on Wednesday, steadied on Thursday, and ended Friday in a narrow band between $19.28 and $19.85 before settling at $19.55. Weekly amplitude was 4.31%.
Sector News
Precious metals came under broad pressure this week, with silver and gold moving lower together. News flow centred on rising Fed rate-hike expectations, higher Treasury yields, and oil-driven inflation concerns. On Monday, gold broke below $4,200 and silver slipped below $62, with gold touching a seven-week low and gold miners trading lower in the pre-market session. There was also a report pointing to months-long physical silver backlogs, but price direction stayed tied to macro rate expectations. As a physical silver ETF, PSLV tracked the sector’s down move closely.
The Week Ahead
A dense macro calendar lies ahead. Monday brings the final S&P Global services PMI and ISM non-manufacturing PMI; the former printed 58.7 previously, while the ISM reading is expected to edge down to 55 from 55.4. Tuesday’s international trade balance is forecast to widen to -102 from -88.6. Wednesday’s EIA updates cover weekly crude and Cushing inventories. The oil-inflation link remains a key variable for precious metals, and the services PMI plus trade data will shape views on the Fed’s path.
In Short
This week’s thread was a downshift in rate expectations meeting lower precious metals prices. PSLV dropped 6.95% and lagged the S&P 500 by 6.68 percentage points, while sector news pointed the same way. PSLV has no traditional PE/PB metrics, and the latest session’s capital flow shows large-lot selling with smaller orders mixed, moving in line with price. The next test is whether services PMI, trade balance, and crude inventory data strengthen or soften rate and inflation expectations, and with them silver prices and PSLV’s recovery path.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.