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| Above, a Morgan uncirculated silver dollar. Photo by Armand Vaquer. |
Silver ended the week by dropping about 7%.
It ended the week at $24.13/toz according to COMEX. I am not concerned. This dip provides an opportunity to purchase more silver, which I did.
Silver will surely go back up again.
According to Kitco News:
(Kitco News) - Gold and silver prices are down in early U.S. dealings Friday, with silver falling to a six-week low. A rally in the U.S. dollar index late this week is a bearish outside market element for the metals. A slight rise in U.S. Treasury yields today is also a bit negative for the safe-haven metals. June gold was last down $11.50 at $2,009.20 and July silver was down $0.459 at $23.075.
The silver market has been pounded this week. On Wednesday silver was trading with a “26 handle" and now that handle is down to 23 as of this writing. Worries about slowing global economic growth reducing consumer and commercial demand for the metals has hit silver especially hard this week. Copper futures prices hit a 5.5-month low overnight. Less demand for copper, a leading global commercial construction component, also hints of a slowing world economy.
To read more, go here.
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