In late July, the silver price closed at US$5.19 per oz. on New York’s Commodities Exchange (Comex) — the highest spot price recorded in more than three years.
The significant increase reflects a positive swing toward the investment side of the metal, as increased investment demand continues to play a role in the silver market.
In fact, the silver price rose an impressive US82 — from US$4.37 per oz. in early April to the US$5.19 close. This reflects an 18.7% increase for the previous 3-month period.
In July, the Comex silver price averaged US$4.84 per oz. Overall in 2003, it has averaged US$4.65 per oz., and had settled back down to US$4.84 by mid-August.
“We are certainly seeing price volatility in the market, and it’s trending upward, which is a welcome event for silver investors,” says Paul Bateman, executive director of the Silver Institute, based in Washington, D.C.
Silver is an important industrial metal, as well as an important investment metal. Its use in photography, numerous industrial applications, silverware, jewelry and medicine is expected to rise as the U.S. economy continues to rebound.
The Silver Institute is a nonprofit industry association. It was established in 1971 to lobby the U.S. government and promote the metal on behalf of the silver industry.
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