Silver opened the week around $19.40 per ounce. The white metal is in a volatile trading cycle, not having broken beneath $18 or above $21 in the last few months. Less risk-on demand in the marketplace brought the price of silver down during the first two days of the week.
Silver largely followed the gold price trajectory this week (until Friday), moving lower from a slew of economic indicators, including discussions on a Fed rate hike, curbing oil production in the Middle East, and the presidential debate between Trump and Clinton. Silver continued to oscillate between support and resistance.
On Friday, silver made a quick spike to $19.70 after Germany’s Deutsche Bank entered the spotlight for its shaky financial projections. Hedge funds lowered its outlook for the bank, and shares on Wall Street dropped 7%. Some anticipate a crisis in which the German government may be forced in the future to bail the big bank out. After profit taking from the surge, the price of silver settled lower around $19.10.