Silver Climbs To 9-Month High
May 23- Silver prices posted the largest percentage gains among precious metals on Friday, reaching a nine-month high of $14.83 as investors turned to silver as a cheaper alternative to gold as a currency hedge against the falling U.S. dollar. Silver has risen over than 5 percent so this week, while spot silver was up 1.1 percent to finish at $14.67 an ounce.
Silver Trading Futures Expected To Approach February High
May 21- With more favorable economic conditions expected, precious metals experts say that because investment demand is likely, silver prices will also tend to be aggressive. While July silver futures rose over $14 an ounce on May 7 and again last week and may approach the previous 2009 high of $14.61. While aggregate trading in silver futures attained a high in February 2009 of more than 81,900 contracts, it has averaged 20,000 contracts alone this month in New York, with the most active contract trading in a range of $12 to $14.37.
Higher Silver Prices Expected In Next 30 Days
Silver Price Close Today : $13.607
Change: 18 cents or 1.4%
The price of silver climbed today 18.3 cents to $13.607 cents. Some experts believe that prices of the precious metal will continue to rise above it's current levels, but are likely to remain shy of the record levels touched in March 2008, said Chief Executive Officer Dennis Wheeler on Tuesday.
"I wouldn't sit here and forecast new highs for you. But I certainly feel quite comfortable talking about silver in a $16 to $18 range," Wheeler told the Global Mining and Steel Summit in New York.
"There are not very many silver mines coming into production. In fact, we have brought the two largest new silver mines into production over the last nine months -- San Bartolome in Bolivia and near the end of this month Palmarejo in Mexico." said Wheeler.
Those projects are expected to contribute about 19 million ounces of new silver supply each year. Silver is used in many jewelry, electronics, and medical and industrial applications.