Silver was down today, with futures for December delivery falling $0.02, to $21.83 an ounce on the COMEX in New York.
Articles Tagged "ecb"
After losses last week prompted by one central bank — the Federal Reserve — silver gained on news from the ECB, another central bank.
Business Insider reported the rise in the price of silver, trading at $33.94 an ounce, up almost 1.5% on after the announcement that Germany’s top court ruled that Germany can ratify the €500 billion ESM bailout fund but with strict conditions.
Central bankers have provided silver with the support to rise to fresh highs.
Silver started the week with a momentum that drove the metal above $28. But by the close of key central bank meetings support had faded and prices fell.
Silver prices fell as ECB announced lowering both interest rates and bank reserve ratios to create liquidity for European banking institutions. While the announcement should have stimulated the markets, the ECB stated that it would not purchase bonds in order to ease sovereign debt issues.
Precious metals have been defying conventional wisdom in regards to the Eurozone debt crisis. For silver, the problems are exacerbated by the metal’s role as an industrial and investment metal. Silver’s price going forward depends on reduced volatility stemming from a debt relief plan.
By Melissa Pistilli – Exclusive to Silver Investing News Like many of you, watching the price of silver nose-dive over the last few weeks has left me wondering if we are witnessing the end of the commodities boom, as oil, gold and silver prices square off. Just when I thought silver could not possibly go any lower, imagine my [...]