Silver Fundamental Analysis Forecast For Next Week
NEW YORK (Aug 18) Weekly Analysis and Recommendations: Silver climbed well into the $23 price level to close the week at 23.248. Silver for September delivery rose 38.7 cents, or 1.69 percent, to close at 23.2 dollars per ounce. Platinum for October delivery dropped 4.7 dollar, or 0.31 percent, to close at 1,527.6 dollars per ounce. Purchases of silver are climbing as lower prices attract consumers after both metals fell into bear markets in April. Gold has rebounded 16 per cent since reaching its cheapest level in 34 months in June, while silver yesterday entered a bull market, settling 24 per cent above its bear-market low.
Sales of American Eagle silver coins by the US Mint were 31 million ounces so far this year, compared with 33.7 million ounces sold in all of 2012, website data show.
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Silver futures are also traded by speculators who assume the price risk that hedgers try to avoid in return for a chance to profit from favorable silver price movement. Speculatorsbuy silver futureswhen they believe that silver prices will go up. Conversely, they willsell silver futureswhen they think that silver prices will fall. Silver rose 1.5 per cent for an eighth consecutive daily gain. The grey metal has sharply outperformed gold and was up 14 per cent this week for its biggest weekly rise in almost five years. Gold’s appeal as an investment hedge increased after US economic reports on Friday showed weaker consumer confidence in August and lower-than-expected residential construction last month.
Friday’s data suggested that a recent spike in interest rates, in anticipation of the US Federal Reserve scaling back its massive bond purchases as early as next month, was starting to have an impact on households, analysts said.