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If you own silver, last week's returns restored your faith in silver prices in 2017.
After bottoming near $16.75 on Jan. 26, the metal shot higher to $17.60 as investors retreated from stocks and the U.S. dollar. As of Friday, Feb. 3, the price of silver is up 9.3% year to date (YTD).
Of course, President Trump gave silver watchers plenty of reasons to buy. Trump signed no less than 19 executive orders, ranging from travel bans on people from seven mostly Muslim nations to reorganizing the National and Homeland Security Councils.
The list is, of course, much longer. But with so many of Trump's controversial moves, investors are on edge about what comes next. And as we know, markets hate uncertainty.
It's been great for the silver price, and I expect this to be a continuing theme through 2017 and beyond. That's why we're going to identify four factors that indicate silver prices will climb 25.8% in 2017.
First, here's why the price of silver jumped higher last week…
Silver Prices in 2017 Continued Their Rise Last Week
The silver price started out last week with a whimper, but ended it with a bang.
The precious metal opened on Monday, Jan. 30, at $17.10. It bounced around a little through the day to close just 0.2% lower at $17.07.
The next day, the price of silver surged early to open at $17.36 and kept climbing higher. These gains came after Trump commented on how the dollar is too strong and needs to be weaker to help the United States compete in trade. By the close, silver prices scored a big 2.8% gain and settled at $17.54.
Here's a view of the U.S. Dollar Index from Monday, Jan. 30, to Friday, Feb. 3…
While flat overall, Wednesday held up silver prices and reconfirmed the metal's strength. They opened trading at $17.56 and dipped 0.2% lower from Thursday's close to settle at $17.51.
Helped by the softer dollar, the silver price on Thursday peaked for the week. It opened at $17.63 then trended downward to close at $17.45 for a 0.3% loss.
On Friday, Feb. 3, the price of silver gained 0.2% to settle at $17.48. With that, it logged a weekly gain of 2% from its close the previous Friday.
And there's no doubt that silver prices in 2017 will run even higher. My silver price prediction shows the metal climbing another 25.8% by the end of the year.
Here are the four factors that support our prediction…
4 Reasons Why Silver Prices in 2017 Will Run 25.8% Higher
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.