A Monthly Recap of Silver Prices (September to October 7, 2016)
Once again, silver prices have hit a downward curve as it started off the month above 19 USD/oz and now averages 17 USD/oz. It started the first week of September at 19.48 USD/oz, and by Tuesday hit a weekly high of 20.04 USD/oz. This was a weekly high we haven’t seen since the second week of August, but by the second week of September, the silver price started to hit below 19 USD/oz as it closed the second week of September at 18.76 USD/oz. The silver price now averages above 17 USD/oz as it took a drastic fall the first week of October.
The Cause
Usually the silver price falls as the American dollar gets stronger, but this drastic drop is something we have seen occur around this time of year for the past two years. According to zerohedge.com, silver analyst Andy Hoffman believes that the Chinese market being closed that week is the cause of the drastic drop in gold and silver prices. He believes the reopening of the markets this week will bring back balance in the markets and may cause a drastic rise of the gold and silver bullion price.
Canadian Bullion Services is an international precious metals dealer headquartered in Toronto, that is ranked among the top precious metal dealers in Toronto. Visit our main site for more information, and keep up with us on Twitter and Facebook. Don’t forget to check out our weekly posts every Tuesday!
Do you agree with silver analyst Andy Hoffman? Let us know in the comment section below!
Sources: zerohedge.com,usagold.com,
Image Source: freestocktexture.com
