In the midst of a rather disappointing year, the price of silver hit a two-month high on Wednesday as it rose 44.4 cents to $21.787 a troy ounce. Silver futures have now risen 12% across five trading days, and it is on track to record its sixth straight gain for the first time since January.
According to Mike McGlone, a director of research with ETF Securities, “the key trigger was last week when we had the export sales data from China.” The market price of precious metals like silver is heavily dependent on trading in the futures market, and positive economic prospects for China were enough to encourage a jump in the price of silver.
Silver Outperforms Gold
In addition to being a good sign for silver sellers, an increase in the market price of silver is also a good variable by which to judge economic growth expectations because of the metal’s prevalent use in products like solar panels and circuit boards—stronger performances for silver could indicate strong performances for other industries. But despite silver’s recent market increase, gold was only up 1 percent on Wednesday, following a 1 percent drop the previous day.
With the price of silver the highest its been in months, now is the time to cash in on any silver coins, jewelry, or scrap that you may have been sitting on. At Cash for Silver USA, we pay more for your silver, cover all of your shipping costs, and insure your package against loss or damage. And if you aren’t satisfied with your compensation, we’ll return your silver at no cost to you. Sell your unwanted silver to Cash for Silver USA today—you have everything to gain and nothing to lose.