Silver Spot Price: Above the $23 Benchmark

on Aug 23, 2013
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iNVEZZ.com Friday, August 23rd: Silver price remains above the $23 level in the early afternoon surpassing its 50-days moving average. Silver lost nearly 4 percent at the beginning of the week on concerns about the US stimulus outlook.

After the Fed released the minutes of its late-July meeting on Wednesday evening, expectations that it will start scaling down its commodities-friendly bond-buying programme increased. Following the release the silver spot price dropped slightly below $23, but has since returned back to $23.10 as of 13.41 BST.

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Silver Price Watch: Holding Above $23 after Fed Minutes Release Metals Price Watch: Gold Slips on QE Concerns

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Bloomberg today reported that the 30-member Philadelphia Stock Exchange Gold and Silver Index has fallen 35 percent since the beginning of the year.
**Platinum**
According to Standard Bank’s note from the beginning of the week, the platinum price is unlikely to stay significantly above $1,500 per ounce for a long period of time, in spite of the continued labour tensions within the South African platinum sector. In its note the bank comments that platinum price is largely dependent on jewellery demand, which accounts for around 30 percent of total platinum demand. The bank says that 70 percent of the world platinum jewellery demand comes from China, whose imports are increasingly sensitive to changes in the platinum price. The bank says: “one of our major concerns on the sustainability of a price rally above $1,500 is jewellery demand that is likely to fall away if the platinum price rises too far, and too long, above $1,500.”
**Platinum spot price added 0.02 percent to $1,540.50 an ounce as of 13.50 BST.**

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Silver Price Watch: Holding Above $23 after Fed Minutes Release Metals Price Watch: Gold Slips on QE Concerns

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http://nvz.bz/1cgTHzN

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