Silver Futures Hit Highest Level Since May

Bloomberg reported that earlier today, silver futures for September delivery rose to $23.19, their highest price since May 22, later settling at $22.935 per ounce on the COMEX in New York.

As quoted in the market news:

‘We are seeing money flow into precious metals from stocks today,’ Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. ‘The weakness in the dollar is also a big support.’

Silver futures for September delivery advanced 5.3 percent to settle at $22.935 an ounce at 1:49 p.m. on the Comex in New York, the biggest jump since July 22. Earlier, prices rose to $23.19, the highest since May 22. Trading was 72 percent higher than the average in the past 100 days, data compiled by Bloomberg show.

Click here to read the full Bloomberg report.