Silver Edges Up to $19.94 an Ounce

Spot silver rose $0.14 today, to $19.94 per ounce, according to Reuters, while MarketWatch reported that silver futures for March delivery on the COMEX in New York sank $0.07, hitting $19.83 per ounce.

One thing keeping prices down is investors’ fear of tapering. Market participants are currently keeping an eye out for new US economic data due to be released today. It could signal a start to the tapering of the Federal Reserve’s stimulus program next month.

Europe is also important to silver and gold prices, according to Chintan Karnani, chief market analyst at Insignia Consultants. MarketWatch quotes him as saying that a “stable growth-oriented euro zone and U.K. will result in a continued bearish trend for gold and silver and vice-versa.”

Unfortunately for the white metal, recent European data shows that the UK’s economy grew 0.8 percent during the third quarter of this year.