Silver Spot Price Rebounds

on Sep 11, 2013
Listen Wednesday, September 11th: Silver today recovered slightly after falling 3 percent to $23.02 an ounce yesterday, its lowest settlement price in almost three weeks. Today’s trading range was between $22.77 and $23.23 an ounce as of 14.33 BST.

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Yesterday, precious metals plummeted on growing optimism that a military conflict in Syria could be avoided after the country announced it had agreed to surrender its chemical weapons under international control, while U.S. President Barack Obama asked Congress to delay the vote on a military strike against Syria, thus diminishing demand for safe-haven investments.

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“The selling started early, as soon as we found out that there was consideration of the Russian plan. And then, selling brought in more selling,” said George Gero, a senior vice president with RBC Capital Markets Global Futures, as quoted by the Wall Street Journal.

Despite its recent losses, silver has made a significant come-back since its June 28 low. Mineweb quoted technical analyst Peter Ullrich as saying that he sees “the June low point for silver of $18.185 as its 55-month Fibonacci low” and believes that silver is in a long-term upward trend.
!m[](/uploads/story/5412/thumbs/pic1_inline.jpg)Three reasons why silver should continue to perform well have been outlined by Tony Daltorio from Money Morning. Firstly, U.S. retail demand has been strong with silver ETFs up 6 percent this year and demand for silver coins well above last year’s levels. Secondly, imports by India, another source of physical demand for the white metal, have soared after the introduction of increased tariffs on gold. Thirdly, silver rises on demand from China, its second largest user, which is buying the metal both for investment purposes and for industrial use.

According to analysts from ETF Daily News, CNBC and the Financial Times, however, the silver price is unlikely to rise above $26 an ounce.
Silver spot price was at $23.13 an ounce, up 0.66 percent, while December futures were at $23.17 an ounce, 0.67 percent higher on the Comex division of the NYMEX as of 15.29 BST.
According to David Franklin, a market strategist at Sprott Asset Management, while miners of platinum group metals face a variety of challenges, demand from car makers in the U.S. and China increases. The analyst has told The Metals Report that the moment is suitable for investing in platinum.
Platinum spot price was 0.36 percent higher at $1,478.43 an ounce as of 15.29 BST.


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