Wednesday, July 24, 2019 8:25 AM EDT
- Silver prices settle at their highest since June 2018; 7 days of gains in 8 trading sessions
- Silver has surged over 9% so far in July; from $15.10/oz to $16.50/oz
Silver in USD -10 Years – GoldCore.com
Silver rose again yesterday, its 7th gain in 8 sessions, which saw the September contract gain another 6.5 cents, or 0.4%, to settle at $16.48 an ounce which is its highest settlement since mid-June, 2018.
There has been a huge increase in demand for silver which is seen in the growth in silver holdings globally – in Silver ETFs and particularly on the COMEX.
Silver remains undervalued relative to gold and most assets and the relative strength in silver will likely continue as silver buyers accumulate physical silver.
Silver ETF investors bought 26.3 million ounces of silver yesterday alone with them now holding a record 588.8 million ounces of silver as of July 23. Silver ETF buyers have bought 71 million ounces of silver so far in 2019 and their demand appears to be accelerating.
The gold to silver price ratio has fallen to 86 from it’s recent peak at 93.3 during the first week of July 2019. Silver remains very undervalued relative to gold given the historical gold to silver price ratio of around 50 to 1 and closer to 15 to 1 in the very long term.
Disclosure: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation ...
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Disclosure: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.
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