Silver Prices Surging: Over $21/oz, Up 23% in 7 Days
Prices Being Driven By Investment Demand
The price of silver is surging...
Silver hit a 2-year this morning of over $21 an ounce as exceptional levels of volume in the futures market continued to drive prices.
For September delivery, silver was up as much as 17% higher over the white metal's immediate post-Brexit spike. In total, silver prices have gained as much 22.7% in the past seven trading days.
The price of gold also broke through its immediate post-Brexit spike, trading as high as $1,360 an ounce this morning.
Precious metals are clearly being lifted by global fears of monetary easing. But silver is getting the most attention right now. I suspect this is due to both:
- Investors seeking to leverage silver's discounted price, relative to other precious metals, and
- Industrial producers and users building hedge positions to preempt growing investment demand.
But most important, I suspect that this volume is largely representative of longer-term buyers. And that's a great sign for silver going forward.
We'll bring you more on silver this week. Shares of the silver mining stocks I've recommended to you here in Energy and Capital like Silver Wheaton (NYSW: SLW) and Tahoe Resources (NYSE: TAHO) will be soaring tomorrow. We'll want to take a look at where our profits from those positions stand now.
If you want to see those original recommendations, they're here.
Have a great holiday,
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