The price of silver rose by 5.4 per cent to attain $35.112 per ounce on the COMEX division of the New York Mercantile Exchange on Thursday making its biggest leap within five consecutive days of price gain and the biggest one-day price increase since May.
After silver suffered losses from the volatility that hit the shinning metal over the world economic woes and concerns over EU debt, silver is pulling its weight in price increases which shouldn’t be a surprise to anyone that knows that silver has many industrial uses and, hence, it is in constant demand.
Meanwhile, the latest monthly report made public by the US Mint shows that investors swooped on American silver Eagle bullion since the beginning of the year with an all-time sales of 36,375,500 ounces recorded as silver eagle coins already bought by investors since the beginning of 2011 till October with two months remaining. This sales level exceeded the 34,662,500 ounces recorded for the entire 2010 which was even considered as a record breaker. If we factor in sales for the remaining two months in 2011 at a level recorded for 2010, the sales record of American silver eagle bullion for 2011 should be over 42,000,000 ounces.
Silver has proved itself in 2011 as a volatile metal considering its price curve till date. As at the beginning of the year, silver was sold for $30.67 per ounce and after series of price changes, it attained $48.47 in April but volatility sets in September and the price of silver dropped drastically and as at Thursday, silver was sold for $35.112 up by 5.4 per cent.
Related posts:
- September 2011 Sales of American Silver Eagle Bullion Coins Impressive
- A Group of Seasoned US Traders and Investors says Silver still a Good Investment
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