Silver futures saw a surge on the first day of the new year, rising 3.9% to $20.128 an ounce. This was a welcome development after 2013, which closed out with a 36% decline overall—the worst year for the metal on record since 1984.
Gold’s performance of course beat out silver’s—but in dollar amount only. The yellow metal saw a 1.9% increase (after a 28% fall over the course of 2013) to land at $1,225.20 an ounce.
Both metals enjoyed a boost from Chinese buyers as the Lunar New Year falls on January 31 this year, but Peter Hug, global trading director at Kitco Mtals Inc. was sure to note that “It is too early to call this a turn after we touched the double bottom of 2013 during the holidays, but the market is positioned short and technical traders will watch the charts closely.” Some traders believe that gold will not have secured a favorable position until it reaches at least $1,270.
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