Click Now!

Silver Forecast Suggests Little Short-Term Change

Silver Forecast Suggests Little Short-Term Change

At the beginning of this week there was little change in silver futures as speculation continued over a possible rise in interest rates by the Federal Reserve.

Silver Forecast Suggests Little Short-Term Change

For the time being no real change is expected in the price of silver with prices set to hover around the $20 mark for the foreseeable future.

On Monday silver for September delivery rose by 0.12% to $19.528 per troy ounce after dropping around 0.4% last week. On Tuesday it was down at $19.49 at midday.

Geopolitical events are having no effect on the price of silver; rather the increasing strength of the dollar is keeping the price down. Unless something unexpected happens in the coming weeks then the price of silver is expected to remain fairly static.

However, there are a number of silver mining companies that are taking their mines out of production or temporarily ceasing activity as low silver prices are making them uneconomical.

If this trend continues and demand begins to be significantly larger than supply then prices will begin to rise again.

As a result analysts are recommending investors to be patient with silver. There are many indications that in the long term the price will rise significantly, in the meantime the price is expected to hover around the $20 mark.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments

Calendar

Recent Tweets