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Silver price action this week, though muted, has shown some slight bullishness.
With gold essentially flat, the price of silver has managed to gain nearly 1.5% as it rises from price and sentiment lows.
The other thing that may be motivating silver buyers is the extreme level of the gold-to-silver ratio.
Since recently bumping up against 85, a level not seen in over 25 years, the ratio has pulled back as savvy investors are starting to scoop up the deep-value metal.
Now, silver is likely to wait and follow gold's lead as we move into the next FOMC meeting this week. My take is the dollar could see a bounce from the expected rate hike, then sell off in the following days.
From there, I think we could see essentially the reverse happen, with the dollar selling off and silver and gold beginning to rally.
Before I get into my newest silver price prediction, here's a closer look at this week's action...
Here's How the Price of Silver Is Trending Now
Though not outstanding, silver prices did make some progress over the last five trading days.
The grey metal has managed to stay solidly above $14 despite a somewhat neurotic dollar index.
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Even with trade tensions ebbing and flowing, markets have been grinding higher. And that continues to attract capital as investors are increasingly feeling left out of this multi-year rally.
The dollar index was consolidating around 94.5 in the early part of last week. But silver was still able to muster a gain, moving from about $14.10 to $14.24.
Even so, renewed dollar strength after the DXY dropped to 93.90, then regained 94.25, caused silver to retreat from a high of $14.40 early on Friday to end Monday at $14.23.
Now, here's what we can expect from the price of silver going forward...
Here's My Long-Term and Short-Term Silver Price Prediction
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.