Silver Prices
iShares SILVER TRUST ETF
NYSE: SLV
Jun 19 02:00 PM
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Last price21.03Prev Close20.88
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Change0.15% Change0.7%
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Open21.00Volume89,179,638
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Day Low20.93Day High21.05
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Bid21.04Ask21.02
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52 Wk Low20.8652 Wk High33.93
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Market Cap82,029ExchangeNYSE
Today
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Silver Prices: Much More To This Rise Than a QE3 Rally
Silver prices had a volatile week, which started with a down day Monday closing at $34.25.
The week was poised to be somewhat "quiet" after the previous one was full of central bank news from the United States and Europe.
But living up to its reputation for swings, silver turned and hit a six-month high on Tuesday at $35.10.
And just when we thought it was time for a slight breather from monetary action, the Bank of Japan announced Wednesday that it would expand its stimulus program with 10 trillion yen ($126 billion).
Japanese silver investors were more excited than other traders about the news, driving up silver prices by 2.9%. The United States was less so as Decembersilver futures on the COMEX fell $0.103 to $34.615 an ounce on the news before closing up 1.5% for the day.
On Thursday, December silver rose 0.27% to $34.68.
So what can we expect next from this fickle metal with its great year?
In a Scotiabank note this week, analysts wrote of silver, "We remain bullish ... and see this as a healthy consolidation after a strong rally."
Here's why the silver bull party is still going strong.
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Investing in Silver: Price Rally Gets Legs
In a week chock-full of potentially bullish news for those of us investing in silver, we weren't disappointed. Silver prices enjoyed a solid rise this week.
Silver prices hit six-month highs Friday and headed for a 2.5% weekly rise.
Investor interest has piqued after months on the sidelines and just in the last month, silver prices jumped more than 20%.
Believe it not, its gains have outpaced gold's rise - which hasn't been too shabby with its own 10% increase in the same time period.
Silver ETFs have also soared during this time. The iSharesSilver Trust ETF (NYSE: SLV) is up 24.2% to $33.38, outpacing the 10.7% rise in SPDR GoldTrust ETF (NYSE: GLD), which is up to about $171.00.
But why does it seem like few people have noticed the silver bull party?
ETF Daily News wrote that silver's "move has been gradual and steady, as opposed to a number of days withhigh movement. Over that same time period, gold has jumped by about 9.5% with about 100 times the attention from analysts and investors around the world."
Silver's recent volatility, which is always more so than its fellow precious metal gold, is another reason for its outperformance. The price ratio between the two precious metals since mid-August has moved about 10% in silver's favor.
Even more interesting, since the beginning of the year, silver has outperformed gold - this is a first.
But anyone considering investing in silver could perk up to the white metal now that the U.S. Federal Reserve has given commodities more reason to shine.
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Profit from Rising Silver Prices with These Three Picks
Silver prices rose Friday after the August U.S. jobs report release, inching toward $34 an ounce.
The gain followed silver's rise to a five-month high during trading Thursday.
Silver is the best performer for precious metals with its 16% increase in 2012, reported Reuters. This compares to gold's 8% percent rise.
For silver and gold, recent price increases have come from greater expectations for additional monetary easing from the European Central Bank and the U.S. Federal Reserve. On Thursday, the ECB added some fodder for this with its "outright monetary transaction" (OMT) program.
Next up for additional rising could come from the Federal Open Market Committee (FOMC) meeting next week. Look for a statement on Sept. 13 whether or not there will be plans for QE3.
With QE2 in 2011, silver rose to almost $50 an ounce.
Investment demand should also increase for the metal thanks to the effect of global monetary easing.
Brad Cooke, chairman and chief executive of Endeavour Silver Corp.said to MarketWatch that it will "take off again as we see more monetary inflation/economic stimulus programs by governments in America, Europe and China."
He sees silver hitting the $40 mark within the next months before it falls off again.
But for silver, there's more than just monetary easing affecting its prices.
Editors Note: Here's all the info you need to buy physical silver. [ppopup id="70925"]Click here[/ppopup].
Paul Mladjenovic, author of "Precious Metals Investing for Dummies," said to MarketWatch that "Oversized short positions in the silver futures, continued industrial demand in Asia, investment demand in the U.S. and the new applications for silver in areas such as solar power, [radio-frequency identification] technology and other new developments" are all a net positive for silver's price outlook."
He expects silver prices to "zigzag upward toward $100" an ounce by 2014.
To continue reading, please click here... -
Profit from Rising Silver Prices with These Three Picks
Silver prices rose Friday after the August U.S. jobs report release, inching toward $34 an ounce.
The gain followed silver's rise to a five-month high during trading Thursday.
Silver is the best performer for precious metals with its 16% increase in 2012, reported Reuters. This compares to gold's 8% percent rise.
For silver and gold, recent price increases have come from greater expectations for additional monetary easing from the European Central Bank and the U.S. Federal Reserve. On Thursday, the ECB added some fodder for this with its "outright monetary transaction" (OMT) program.
Next up for additional rising could come from the Federal Open Market Committee (FOMC) meeting next week. Look for a statement on Sept. 13 whether or not there will be plans for QE3.
With QE2 in 2011, silver rose to almost $50 an ounce.
Investment demand should also increase for the metal thanks to the effect of global monetary easing.
Brad Cooke, chairman and chief executive of Endeavour Silver Corp.said to MarketWatch that it will "take off again as we see more monetary inflation/economic stimulus programs by governments in America, Europe and China."
He sees silver hitting the $40 mark within the next months before it falls off again.
But for silver, there's more than just monetary easing affecting its prices.
Editors Note: Here's all the info you need to buy physical silver. [ppopup id="70925"]Click here[/ppopup].
Paul Mladjenovic, author of "Precious Metals Investing for Dummies," said to MarketWatch that "Oversized short positions in the silver futures, continued industrial demand in Asia, investment demand in the U.S. and the new applications for silver in areas such as solar power, [radio-frequency identification] technology and other new developments" are all a net positive for silver's price outlook."
He expects silver prices to "zigzag upward toward $100" an ounce by 2014.
To continue reading, please click here... -
Invest in Silver Before Prices Climb Higher
Silver prices are up this week on hopes of a third round of quantitative easing, or QE3, reaching their highest level in four months.
U.S. Federal Reserve Chairman Ben Bernanke on Friday hinted at further central bank action and silver prices jumped more than 3%. They've continued climbing this week to over $32 an ounce.
Speaking at the annual Jackson Hole, WY economic symposium, Bernanke expressed concern about the U.S. labor market stagnation and said yes, he is open to more quantitative easing to assist the economic recovery.
Details weren't included but it didn't matter: Bernanke said the magic words.
Silver has jumped on the bull train thanks to inflation concerns and talks of quantitative easing by central banks. Buyers increased in volume after the Aug. 22 release of Federal Reserve minutes, extending a rally that had been kicked off by signs of European solidarity.
It's not just U.S. news that's keeping the run going. German officials, including Chancellor Angela Merkel, are starting to sing a different tune for the European Central Bank's (ECB) stimulus activities. This may help reduce borrowing costs for debt-ridden Eurozone nations.
All these signs are reasons to load up on metals before prices take off higher.
"From now on, this is a dip-buying market," David Govett, head of precious metals at the brokerage Marex Spectron, told The Financial Times. "Yes, there will be setbacks along the way, but fundamentally the market is now in bull mode."
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Why Investors Are Hoarding Silver
With the U.S. Federal Reserve failing to take monetary action a few weeks ago, silver prices saw an opportunity to deflate, but instead have held steady around $27 an ounce.
Investors' silver holdings are approaching record highs as speculators exit the precious metal and exchange-traded products with silver add to positions. In the last three months, these products' holdings have grown to a $16.2 billion value, reported Bloomberg News.
But they're poised to get even higher.
Analysts have forecast that silver will average $33.02 an ounce in the fourth quarter-an 18% rise from current prices.
Since last week silver has been increasing and closed up 0.35% to $28.00 on Friday.
So why are investors bullish on silver? There are a few reasons.
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CFTC’s Chilton Assures Silver Price Manipulation Probe Not Over
A report Monday that the Commodities Futures Trading Commission (CFTC) would drop its four-year-old probe on silver price manipulation may have been premature.
According to The Financial Times, the CFTC was supposedly unable to find enough evidence to support the claims after reviewing 100,000 pages of documents and interviews. But Bloomberg News reported today (Wednesday) that CFTC Commissioner Bart Chilton said silver price manipulation did occur, and he's intent to find it.
"I continue to believe, consistent with my previous statements and information from the public, that there have been devious efforts related to moving the price of silver," Chilton wrote to Bloomberg. "There have also been silver and gold market anomalies outside of the silver investigate window that have raised, and continue to raise, market concerns."
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