The silver markets saw several peaks and valleys last week. Opening on Monday at a strong $17.64 an ounce, the price of the white metal quickly moved up a dime. The silver price chart reported that Tuesday started at Monday’s high, and added a slight bump to reach a price of $17.78. By Wednesday morning, the price of silver was $17.83. The tug-of-war between buyers and sellers set in again, and the Thursday high for the day was $17.75. The price shot straight up from $17.76 on Friday morning to an afternoon peak of $17.97 before closing at $17.95.
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Some analysts attributed the recent trading choppiness to bears and speculators testing the strength of the market 1, noting a steady attrition in bearish positions. In fact, close scrutiny of futures trading trends shows a number of open market positions closing out, dropping to just under 400,000 contracts in recent weeks.
The markets are watching U.S. politics to see how the Trump administration will deal with the U.S. dollar. With expectations that Steven Mnuchin will finally be installed in the Treasury, news of his tax plan could sway the silver markets.
News of decreases in silver production continues to make headlines, setting up even more upward pressure in the face of growing silver demand.