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In silver investing news today (Wednesday, Feb. 1), silver prices are down 0.42% and trading at $17.47 per ounce. That's a drop from yesterday's close of $17.54 – the highest settlement for an active futures contract since Nov. 10, 2016.
But the biggest silver price news of the day has to do with the metal's final January numbers. And these numbers support Money Morning Resource Specialist Peter Krauth's prediction that the price of silver will climb another 26% in 2017.
Here's more on silver's January performance…
The Biggest Silver Investing News Today
The biggest news today is that silver prices just posted their biggest monthly gain in seven months.
According to data from FactSet, the price of silver rose 9.7% in January. That widely outpaced the gold price's 5.2% rise. It also marks silver's biggest monthly gain for active futures contracts since June 2016. During that month, silver prices surged 15.9%.
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The 9.7% leap in the price of silver last month came despite the stock market hitting its highest level ever on Jan. 25. That was when the Dow Jones Industrial Average jumped above the 20,000 mark for the first time in history. When the stock market rallies, demand for safe havens like silver declines because investors are putting their money in stocks instead.
But this past week's market volatility caused a late-month rally in the silver price. On Monday, Jan. 30, the Dow Jones fell 0.6% – or 122.65 points – for its biggest one-day drop since before Election Day on Nov. 8. This has spiked silver demand, pushing the price of silver 2% higher from last Friday's $17.14 close.
Luckily for silver investors, these gains are set to continue throughout the year. The rally won't just come from stock market volatility under President Donald Trump – it will also come from technical factors that are starting to take a bullish shape.
"There are some technical drivers that should support silver prices in the near and longer term," Krauth – a veteran gold and silver trader with over two decades of experience – said on Jan. 30.
Here are the two technical metrics that indicate a 27% climb for silver prices by the end of Q2 2017…
I think Peter is being very conservative. Any black swan events that creates further uncertainty under a Trump presidency that is focussed on challenging FED policies to reduce the value of the U.S. dollar Trump believes is too high could result in a rapid mover upward for silver that has been dubbed the "poor mans gold" a ratio with gold under 50 would not surprise me.