$GLD and $SLV Prices as of May 1 2017 from @moneymetals

8:13 AM

May 01, 2017 -- Silver prices were punished again last week as the leveraged markets grappled with record high numbers of open contracts. Longs scrambled to cover losing bets, while the bullion banks and others short the market rang the till. By Friday's close, silver had lost 4%. Gold fared better, dropping 1.2% on the week.

It was "risk on" again last week in the equity markets. Investors got a look at President Donald Trump's much anticipated proposal to simplify and reduce taxes and liked what they saw.

The optimism isn't translating to concerns over inflation apparently. Despite estimates of as much as $7 trillion in additional deficits as a result of lower taxes and increased spending, the U.S. dollar was flat for the week and metals suffered.

Investors will have plenty to watch this week. Geopolitical concerns remain with the potential for escalating violence in Syria and North Korea. Congress will wrangle over the budget and the federal borrowing cap as the short extension passed last week runs out.

We'll get a look at key reports on personal incomes and employment. And the central planners at the FOMC will gather once again. Their latest pronouncement on interest rates is due Wednesday.

Look at the live metal charts here:

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