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Silver Prices Expected To Continue Their Decline

Silver Prices Expected To Continue Their Decline

Silver hit a record low of 18.81 on June 1st and then rose until 11th July when it hit 21.45. However, since then it has been steadily dropping. This week saw silver fall heavily on Monday from a high of 19.33 per troy ounce down to 18.973 per troy ounce before making back some ground.

On Tuesday it reached a high of 19.078 but fell from there and was back down at 18.983 by mid-afternoon, the lowest level since June 6th. The price of silver will continue to drop as long as the dollar gains strength. The dollar has just hit a yearly high, despite some disappointing data at the end of last week.

Furthermore, if the Scottish referendum polls continue to suggest that a yes vote may win then the dollar is likely to grow in strength as the pound weakens.

OCA News Editor

Jenny McKinnley is OCAs 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.

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