Silver Prices Could Soar to $50.00 an Ounce

Silver

  • Buz Investors Silver Prices Could Soar  The precious metal is trading at $16.72 per ounce at 10:40 GMT this morning, 0.24% higher from the New York close.
  • During the session, silver traded at a high of $16.83 per ounce and a low of $16.65 per ounce. In the New York session yesterday, silver rose 0.76% and closed at $16.68 per ounce.
  • Silver has its first support at $16.51 per ounce and its first resistance at $16.87 per ounce.

Silver Prices Could Soar

Silver Prices Could Soar

Silver Prices Could Soar Silver prices are significantly undervalued if you look at the demand-and-supply situation in the gray precious metal market. Don’t rule out silver prices of $50.00 per ounce just yet.

The supply side seems to be struggling, and the demand for the gray precious metal remains solid. Economics 101 suggests that this disparity in the most basic economic factors is a perfect recipe for much higher prices.

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To assess the supply side of the silver market, just pay attention to the major silver-producing regions. We are seeing a significant amount of struggle.

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Silver Prices Could Soar

Look at the silver sales at the mints around the world to get some idea for demand. For instance, take the U.S. Mint. Year-to-date, the mint has sold 37.411 million ounces of silver in American Eagle coins. The mint is on track to report lower sales in 2016 than in 2015, but the sales level remains elevated. (Source: “Bullion Sales,” United States Mint, last accessed November 29, 2016.)

Pay attention to India as well. The country known for its appetite for gold could turn out to be a major buyer for silver as well. We are seeing an immense amount of silver being imported into the country. In October alone, $181.93 million worth of silver was imported into the country. (Source: “Quick Estimates For Selected Major Commodities For October 2016,” Government of India Ministry of Commerce and Industry: Department of Commerce, last accessed November 29, 2016.)

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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