NEW YORK (TheStreet) — Silver Wheaton (SLW – Get Report) stock is down 0.43% to $11.63 in midday trading on Thursday, as commodities prices decline ahead of tomorrow’s release of U.S. employment data.
Silver Wheaton is a Vancouver, Canada-based mining company that generates revenue from silver and gold sales.
The Fed will likely look to the U.S. nonfarm payrolls data due out on Friday for signs of whether the economy has sufficiently recovered to withstand an interest rate hike in September or December of this year, The Wall Street Journal reports.
Any indications of a delay to the interest rate hike by the central bank would benefit non-interest bearing commodities such as silver and gold, as their relative value declines with higher interest rates.
“Only amazingly good U.S. data would bring the prospect of the rate hike back to September from December,” Citi strategist David Wilson told Reuters. “That could put immediate further pressure on the gold price.”
Silver for December delivery is lower by 0.05% to $14.66 per ounce, while gold for December delivery is down by 0.88% to $1,123.60 per ounce on the COMEX this afternoon.
Separately, TheStreet Ratings team rates SILVER WHEATON CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
“We rate SILVER WHEATON CORP (SLW) a HOLD. The primary factors that have impacted our rating are mixed – some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive