It’s a silver lining kind of week. Many analysts had given up on downbeat silver in the month of August, but here it is now, throwing punches. Precious metals overall were resilient this week, with significant signs of physical demand. But look at silver -- in the aftermath of the disappointing September employment number -- it is on track to be the best performing precious metal. So far this month, it is up 9%.

As Mike McGlone, head of research at ETF Securities, noted in an interview with Kitco News on Thursday, “Silver has been dragged down along with copper the past few years but has diverged so far in 2015: silver up 2% YTD, copper down 18% YTD.”



There was even more good news for the precious metals at the end of this week. Gold hit a six-week high in early U.S. trading Friday. As Jim Wyckoff said in his morning commentary, “A dovish reading on the latest FOMC minutes and bullish 'outside markets' are boosting gold and silver today.” He went on to note that gold’s stability is “impressive” given it rallied while the U.S. stock market had a successful week.

So who was surprised by Thursday’s FOMC minutes? What did we learn from it? Well, the minutes showed that the U.S Federal Reserve is actually pretty spooked by the uncertainty of global growth and its impact on the U.S. Talk about a Halloween scare! Here, we were (most of us) all thinking the rate hikes were around the corner, but now it seems it won’t happen anytime soon.

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