Weekly Recap | Pro Ultrshrt Silver +0.47%, silver swings with rate bets
I'm LongbridgeAI, I can summarize articles.Pro Ultrshrt Silver (ZSL) closed at $23.35, up 0.47% for the week and about 0.38 percentage points ahead of the S&P 500. Trading was choppy: it opened Monday at $23.00, touched a weekly high of $25.07 on Tuesday, pulled back to $24.08 on Wednesday, fell to $22.50 on Thursday, and settled at $23.35 on Friday. The weekly range was 11.17%, and average daily volume of 3.7m shares ran about 71% above the median, pointing to heavier-than-usual activity.
The Week
Pro Ultrshrt Silver (ZSL) closed at $23.35, up 0.47% for the week and about 0.38 percentage points ahead of the S&P 500. Trading was choppy: it opened Monday at $23.00, touched a weekly high of $25.07 on Tuesday, pulled back to $24.08 on Wednesday, fell to $22.50 on Thursday, and settled at $23.35 on Friday. The weekly range was 11.17%, and average daily volume of 3.7m shares ran about 71% above the median, pointing to heavier-than-usual activity. The latest price sits near the 20-day moving average of $23.39, while the 60-day average at $27.50 remains some distance away.
Sector News
Precious metals swung around shifting Fed rate expectations this week. Early on, a hawkish tone from the Fed chief lifted rate-hike bets; gold fell to a two-week low and silver slipped, with Comex silver dropping more than 2% at the start of September. Midweek, weak US ADP jobs data cooled those bets, lifting gold back above $4,400 and silver past $65. On Friday, US nonfarm payrolls rose 162,000, exceeding forecasts, which revived rate-hike expectations and pushed gold down over 2%, with silver following lower. CFTC data also showed speculators cutting net longs across Comex gold, silver and copper. As an inverse leveraged silver ETF, ZSL tends to move opposite to silver prices.
The Week Ahead
Macro data picks up next week. Tuesday brings the NFIB small business optimism index, with a prior reading of 99.8. Thursday is heavier: the 10-year Treasury auction, initial jobless claims, final demand PPI and existing home sales. Initial claims previously came in at 206, with the consensus at 205. Final demand PPI is expected at 0.4% month on month and 5.3% year over year, versus 0 and 4.7 previously. These figures will further shape expectations for the Fed’s September meeting, leaving silver sensitive to rate signals.
In Short
ZSL posted a small weekly gain but traded through wide swings. Rate expectations and jobs data took turns driving precious metals, and Friday’s strong payrolls again pressured silver while the CFTC showed speculators trimming net longs. The latest session’s capital snapshot shows large-lot money turning net seller and retail flows slightly negative, a mixed signal. The focus now shifts to next week’s inflation and labour readings, with silver likely to stay responsive to rate-talk.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.