The Silver Rocket Continues to Climb
The price of silver has maintained its steep ascent with a rise of over 20% in just 7 days from a midday fix of £15.42/oz on July 20th to a £18.94/oz fix today. That’s over £100/kg increase in price!
The upsurge over the past 4 months has been phenomenal with the fix of just £12.00/oz on March 19th producing an overall 58% rise over the period.
Having broken the all-time high price on Friday afternoon, gold has also continued to rise and is now trading at $1935/oz (£1500/oz).
So, the silver rocket continues to fly higher, but the question everyone is asking is "how far will it go?" We are still some way off the high silver price of $48.70/oz (£29.26/oz) set on April 28th 2011 and today saw a significant marker being passed as the dollar price has reached half way there at $24.35/oz. And as we have seen before, all rockets eventually return to earth!