This week, a JPMorgan silver manipulation case was put to rest as silver rose for a close above $29.
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Silver prices have been slashed over the past week.
After losses last week prompted by one central bank — the Federal Reserve — silver gained on news from the ECB, another central bank.
Silver initially responded well to news from the Federal Open Market Committee meeting. However, a day later the market came under severe pressure.
Silver prices have been volatile intraday, but market pressure has kept a lid on any significant gains.
Silver prices rallied after the Federal Reserve announced a surprisingly aggressive new program.
Central bankers have provided silver with the support to rise to fresh highs.
Silver tried to rise above $31, but with the market awaiting news from the Fed it was unable to sustain that level.
Usually valued at 12 to 16 times more than silver, gold is now worth about 50 times more than the white metal. That points to an increase for silver in the near future.
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.