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.
Precious Metals Silver Analysis 11/08
Experts say that sideways trading has begun taking over the silver amid a lower trade volume despite that the upside remains intact towards 11.05-09, although the silver may decline as it gathers momentum to continue the upswing.
The overall trend is toward the downside, as far as 14.70 remains in place, with a target set at 8.05 and 7.60, while Silver futures for March delivery lost 3.6 cents, or 0.3 percent, to nearly $10.27 an ounce on the Comex.
Investing In Silver Bullion Coins
Silver coins are one of the oldest forms of coinage. Silver has been used as a currency since ancient times, including the silver drachma used by the ancient Greeks. Many factors go into determining the value of silver coins, including condition, rarity, age, condition and scarcity.
Besides being coveted by collectors, silver bullion is popular among investors and has an international trading currency symbol of XAG under ISO 4217. Historically silver has been the most affordable precious metal available.
Since 1986, the United States Mint has produced one-dollar "Silver Eagles". Each Silver Eagle contains at least one troy ounce of 99.9% pure silver. Many times, silver will track the price of gold due to store of value demands, but may have a varying ratio. That ratio is often analyzed by bullion investors. Throughout most of the 19th century, that gold to silver ratio was fixed by law in Europe and the U.S. at 1:15.5, meaning that one troy ounce of gold would purchase 15.5 ounces of silver.