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Gold, Silver Prices Up After Tuesday’s Sharp Decline

Prices for gold and silver bullion rose quickly once Wednesday’s trading session began, a sign that investors are optimistic about the future of the metals’ prices after Tuesday saw gold and silver fall by more than one percent each. Gold fell from $1475 to just over $1440 per ounce Tuesday morning, while silver dropped 1.3 percent and dropped below the $24 per ounce mark yet again.

Support for silver has been weak recently, as silver derivatives such as ETFs, pool accounts and futures markets has suffered devastating losses due to sell-offs during the last month. Gold, while also having its bad days, has been able to rebound more quickly than silver because of American investors’ strong appetite for physical gold. Demand for silver investments is strong but a lack of supply from the U.S. Mint and various bullion dealers has translated into flat silver prices as there has been literally no new silver to hit the market to be sold in weeks.

The potential for silver to have a breakout week or month is growing larger by the day, according to some metals analysts. The reason for this is due to many household investors who have funded gold and silver IRAs but have yet to buy gold and silver because of lacking supply or due to insecurity about the wildly fluctuating markets. Analysts believe that after a week or two of stable prices and a supply increase silver could move back to the $25-$30 range, but there has been no word on if this could occur in a month’s time or if summer may be here before the silver price surpasses the $30 per ounce mark. Stay up to date with the gold and silver markets by checking in with us three times per week for gold and silver price updates and news.

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