Silver Falls to $21.52 an Ounce

Silver prices dropped $0.41, to $21.52 an ounce, on the COMEX in New York, Bloomberg reported.

Strong US payroll data and concerns that the Federal Reserve will not continue its stimulus program have weighed on silver prices recently.

Silver is highly volatile, Money Week reported, but it has a unique selling point: it is a monetary and industrial metal. Prices have plummeted in recent years from more than $50 an ounce in the spring of 2011 to now less than half of that. However, as economic data around the world improves, greater prosperity could lead to an increase in silver buying.