Silver Futures Hit Highest Price Since June
NEW YORK (Aug 14) Unlike gold, which dropped on Tuesday after reaching highs in the previous session, silver futures for September delivery rose to $21.75 per ounce, their highest level since June, according to Bloomberg. Prices fell slightly later in the session, to $21.435 an ounce, but remained $0.086 above yesterday’s session.
“While pressure on gold on the back of Fed-tapering expectations is likely to also weigh heavily on silver, ultimately the white metal should benefit from a pick-up in economic activity,” said Joni Teves, an analyst at UBS in London, Bloomberg reported. “A recovery in industrial demand would be a catalyst for silver to rebuild the investor base that had been damaged by silver’s violent price moves in recent years.”