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.
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.
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