Silver Futures Hit Highest Price Since June

Unlike gold, which dropped today after reaching highs in the previous session, silver futures for September delivery rose to $21.75 per ounce, their highest level since June, according to Bloomberg. Prices fell slightly later in the session, to $21.435 an ounce, but remained $0.086 above yesterday’s session.

“While pressure on gold on the back of Fed-tapering expectations is likely to also weigh heavily on silver, ultimately the white metal should benefit from a pick-up in economic activity,” said Joni Teves, an analyst at UBS in London, Bloomberg reported. “A recovery in industrial demand would be a catalyst for silver to rebuild the investor base that had been damaged by silver’s violent price moves in recent years.”