iShares Silver Trust (ETF) (SLV): Price of Silver Weekly Recap; January 09 – January 13, 2017
Silver prices started at $16.46 on Monday before a period of strong buying sent them to $16.95 an ounce on Thursday. Friday morning’s silver price chart reported $16.65, but the price of silver swiftly recovered to close at $16.82.
Silver prices started off the year with a positive trend, possibly reflecting market concerns over global factors rather than the strong dollar and the imminent presidential inauguration. Specifically, the fears of British market leaders about the ultimate impact of Brexit have been making news headlines. Economists have also been buzzing about China’s President Xi Jinping’s bold statements about failing European and American economies and a greater alliance between his nation and Russia—predictions some fear are not completely unfounded given the current national and global economic and political climate.
Also in the news, analysts shared their evaluations of the impact of Central Bank manipulation of the silver market. Steve St. Angelo asserted that such intervention had compromised the production and profitability of the world’s largest silver producer.
The presidential inauguration is the major news projected for the coming week, and analysts are predicting the markets will hold tight to see how the transition goes before making any big plays. If the planned protests do not go smoothly, the markets could see a rush to safe haven investments.