Spot silver prices hit $21.75 on the COMEX in New York, showing little change from the previous session after falling earlier in the day, according to Bloomberg. Silver for July delivery rose to $21.725 an ounce after falling to a low of $21.33.
Reuters reported that the gold/silver ratio, which measures the amount of silver needed to buy an ounce of gold, was up today at 64, the highest level since August 2010. Silver’s “underperformance” has led to this increase.
Like gold prices, prices for the white metal have been affected by strong US payroll data and fears the Federal Reserve will scale back its stimulus program.