Silver Falls to $16.14 an Ounce

The silver price followed a familiar trajectory on Wednesday, and was pushed downward by the strengthening US dollar.

iNVEZZ.com reported that silver for immediate delivery decreased 0.17 percent, or approximately $0.02, to reach $16.14 an ounce. That means silver was trading more than 5 percent below its 50-day simple moving average of $17.05.

The decline came after silver reached $16.45 on Monday, the highest level seen so far in November. It also followed the release of a report from Thomson Reuters GFMS — it states that physical demand for the metal will fall by 6.7 percent this year.