2016 Silver Prices (Yearly Recap)
2015 was a rough year for silver prices, as silver prices started the first month of the year with a high of 18.29 USD/oz and ended the year at only 13.89 USD/oz. Many analysts predicted a rebound in 2016, as we saw silver prices started to climb the first month hitting a high of 14.47 USD/oz by the end of the month. By April, silver prices started to average above 17 USD/oz, as talks of the UK leaving the European Union began to spread in the markets.
Brexit
On June 23rd, the British voted to leave the European Union, causing major turmoil and uncertainty in the markets. Silver prices sky rocketed to above 20 USD/oz by the first week of July, as the demand for silver started to drastically rise. For more information on the effects of Brexit on the silver prices, check out The Silver Rise and Life After Brexit.
U.S. Elections
By August, the price of silver went on a rollercoaster ride, as silver prices started to drop and based off the American Dollar strength, and the U.S. Elections around the corner. By October, silver prices started to average 17 USD/oz, and took a drastic leap to 18.33 USD/oz the first day of November. Many predicted that there would be a drastic rise in the silver prices whether Donald Trump or Hillary Clinton won the election, but we saw the opposite effect as prices started to fall. For more information check out What the U.S. Election Could Mean for Gold and Silver Prices.
What does this mean for 2017?
Since the U.S. Elections, silver has been on a steady decline and hit below 16 USD/oz this week. Many analysts predict that silver will start to average 15 USD/oz the first months of 2017 and by April, we will see silver prices start to climb back up again.
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Do you think 2017 will be a good year for silver prices? Let us know in the comment section below!
Sources: usagold.com
