Price of Silver Weekly Recap: May 29 – June 2, 2017

  

Silver prices today reflect the white metal’s strong performance in the markets last week. Monday opened at $17.38 an ounce and closed two cents up at $17.40. The price of silver was the same at the open and close of the markets on Tuesday: $17.37. Trading took a similar pattern on Wednesday, with the price of silver ascending a cent from the morning opening of $17.32 by the close. After opening at $17.15 on Thursday, silver spot prices climbed for the remainder of the week, closing at $17.27 on Thursday and opening at $17.41 on Friday. The week’s high of $17.55 an ounce was reached Friday evening.

The recent string of up weeks has the price of silver close to many analysts’ target price for the year, leaving room for the precious metal to exceed expectations in the coming months. 1 Some look to the disappointing U.S. jobs data as a bullish factor for silver, as it contributes to a weakness in the U.S. dollar. 2 Investors know that any drop in the value of the dollar normally creates an upswing in the price of dollar-denominated commodities.

Economic news is light this week, with the US ISM Non-Manufacturing Index on Monday being the only new dipstick on the nation’s economic direction. Any indication of further weakness will probably create more buying of silver and precious metals. On the geopolitical front, the UK election on June 8 will be watched closely as an indicator of how the Brexit talks will go after the new government is formed.

Additional Sources  
1 - https://moneymorning.com/2017/06/02/this-silver-price-news-today-pushes-the-metal-closer-to-our-2017-target/
2 - http://www.cnbc.com/2017/06/01/dollar-hits-1-week-high-vs-yen-on-firm-us-data-non-farm-payrolls-next.html

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