Silver prices started the week of August 8th with a silver price of 19.73 USD/oz, and climbed up to a weekly high by Wednesday August 10th of 20.09 USD/oz. This was a low weekly high compared to the week before averaging above 20 USD/oz with a weekly high of 20.61 USD/oz. Since then, the price of silver hit a downward curve ending the month at 18.61 USD/oz. A silver price we haven’t seen since June. This caused many silver buyers to buy into the low prices which shot the silver prices up to 20.04 USD/oz. after Labour Day weekend.
What we saw played out last month in price of silver is the normal gold and silver cycle. For more information on the gold and silver cycle, check out last week’s post.
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Do you think the silver price will surpass 20 USD/oz. before the year ends? Let us know in the comment section below!