Commodity silver moves above $23 per ounce
NEW YORK (Aug 16) After falling below $19 per Troy ounce about a month ago, commodity silver has rebounded to over $23 as of 2:15 PM EDT today. This represents an increase of roughly 24% in just one month. Another positive sign for silver is that the gold-silver ratio has fallen below 60 for the first time in quite a while. This means that silver's gains are outpacing gold's gains.
I don't trade in commodity silver but the market price does affect my business which is primarily buying and selling sterling flatware. I've been buying recently while the price has been depressed and I will continue to do so for a while. In the meantime, I'm watching the market price and will dump my scrap silver if the price continues to climb. Normally I don't sell silver for scrap but over the years, I've accumulated damaged pieces and "junk" patterns that are only good for scrap.
In early Friday trading spot silver was down 13 cents to $22.89, while platinum shed $3.50 to $$1524, and palladium dropped 50 cents to $760/oz.