Silver, much like its gold counterpart, was stuck in a waiting game this week: third quarter reports are due out next week, and the presidential election is near on the horizon. Federal Reserve spokespeople mentioned stronger cases for raising interest rates soon, and at least by next year. Yet, some mixed economic reports were still complicating the issue.
Silver prices opened stronger than gold this week, touching $17.80 per ounce Monday. Tuesday saw silver prices get a bounce early in the day, but then the rest of the week until Friday showed little to no movement, dropping to $17.60 per ounce.
The entire week was sluggish, with analysts simply acknowledging silver was looking for a break-out soon. The price of silver kicked up by end of day Friday, likely bolstered by the controversy in the presidential election; Hillary Clinton’s email case was reopened. This close to election day, the heat is on, and the instability brings momentum back to precious metals.