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Silver prices today are soaring 2.56% in morning trading after logging steady declines last week. Silver prices faced a series of hurdles last week like a stronger dollar, ongoing rate hike babble, and sentiment forces.
The U.S. Dollar Index (DXY) climbed steadily last week and seemed to be pricing in a possible rate hike by the Fed this week.
From its low point on Monday to its high on Friday, the DXY surged ahead more than 100 basis points.
That's a very strong move for any currency in just four days, but it's extraordinary for the world's de facto reserve currency.
I believe it's a reflection of safe-haven buying, along with a move away from longer-term bonds, whose yields have been trending upward.
So where are silver prices today heading? Before we get into what's next for silver prices today, here's a look at what has been moving the price of silver per ounce.
Silver Prices Today Soar After a Down Week
Silver prices opened last Monday under the psychologically important $19 level at $18.85 and worked through upward volatility to close at $19.10 as the DXY weakened.
On Tuesday, the price of silver began to weaken in the early morning as the DXY gained steam. Silver opened at $19.06. Hawkish Fedspeak and reports about oil likely being in oversupply into late 2017 dragged the markets lower. Silver prices fell victim, too, and sold down to $18.85 at the close.
Wednesday saw silver prices start the NY trading day higher at $18.96 before closing slightly down at $18.94.
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Thursday brought renewed buying in the major indices, competing again with silver. Silver prices opened at $19.02 and trended slightly downward on the day to close at $18.96.
And finally on Friday, as the DXY saw a surge of near 70 basis points, from 95.30 to 96, stocks and silver both sold off. The silver price per ounce opened for NY trading at $18.89, but traders sold it down to $18.75 by midday.
Here's what DXY action looked like over the past trading week.
After a rough week for the precious metal, silver prices today are climbing $0.48, or 2.56%, for $19.34 in morning trading. And here's what I see for silver prices as we move closer to 2017…
Silver Prices Today Soar, Here's What's Next
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.