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Silver has been rising in the last couple of trading days, especially as certain economic data from Europe has been bullish.
So are silver prices going to rise higher by the end of the year?
Before we get to my silver price prediction, here's how the price of silver is trending this week.
How Silver Prices Are Trending This Week
Silver prices popped on Monday to an intraday peak of $17.79, then quickly retreated back to the $17.55 level. But then early Tuesday it rallied up to $17.75, and kept bumping up against that resistance level.
Since then, the price of silver has mostly been flat, and it's trading today at $17.75 still.
Manufacturing numbers have surprised on the high side recently. That points to improving economic activity, potentially helping demand for industrial metals.
Silver's uses run the gamut from solar panels to smartphones, and its consumption has climbed as much as 35% in the first half of 2016.
And the interesting part in the silver price's climb is that it's come despite considerable strength in the U.S. Dollar Index (DXY).
A rising dollar typically puts pressure on silver prices, as the stronger currency means it takes less of it to buy the same quantity of metal.
At the same time, silver hedgers have cut their net short positions, indicating they feel silver prices don't have that much downside left.
Let's delve into these points in some more detail.
Are Silver Prices Going to Rise from Here?
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.