The price of silver experienced declines on Monday, affected by the general pullback in commodities ahead of this week’s central bank meetings in the U.S. and Japan. The silver price was low at $19.50 per ounce; oil prices were also near three-month lows. The gold to silver ratio was at a daily high of 68:1.

Silver prices consolidated early in the week amid a basket of currency factors, which was to be expected. However, Tuesday saw silver lifting ahead of the FOMC meeting, and by Wednesday the silver price had broken through to above $20 per ounce. The FOMC announced that interest rates would not be changed now, and would likely also remain the same through September. Both gold and silver jumped on this conclusion. A disappointing durable goods report Wednesday morning also helped shoot silver up 2%.

Silver prices reached a two-week high Thursday after the FOMC news, reaching $20.40 per ounce. Silver finished the day trading 4% higher. Silver edged slightly lower Friday after the Bank of Japan instituted only modest changes to economic policy. Some analysts think a new high for silver is in sight.