Silver followed gold’s strong opening to the week by surging upwards to hit $19.18 per ounce, a gain of nearly 2%. Silver stayed above $19 all week, rising above $19.80 after Tuesday’s news from the Federal Reserve and the Bank of Japan. The Fed decided on no interest rate increase in the U.S. and Japan continued its easing of monetary policy.
The highest point that silver reached this week was just 2 cents shy of $20 per ounce, which is a significant high that was achieved for the white metal in July. Some mild profit taking occurred Friday after the week’s rally. The silver price has been swinging rapidly in between various touch points this summer, from $18 per ounce up to $20.
Long-term traders know to wait through the various lulls and spikes during silver’s summer months for silver’s volatility is generally headed upwards. Both gold and silver got a boost this week as global economies from the West to the East continued to show dire warning signs of economic distress with no clear solutions in place.