- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Silver Reaches Highest Price Yet in September on Fed Decision
The silver price rose as high as $15.22 per ounce on the news, though it later sank slightly.
September has been tough for the silver price, but the white metal got a serious boost Thursday afternoon after the US Federal Reserve announced that it will not be raising interest rates. The central bank made the decision at a two-day meeting that concluded at 2:00 p.m. EST.
The silver price rose as high as $15.22 per ounce on the news, though it later sank slightly — the metal was changing hands at $15.14 as of 4:00 p.m. EST. Those prices are in stark contrast to where the silver price has been for most of September. Prior to this week, its highest price for the month was $14.80, which it hit on September 8; $14.31, its lowest point came on September 11.
But while Thursday no doubt brought some welcome relief for silver bugs, there’s no guarantee that it will last. Indeed, most market watchers seem to believe that it won’t. Case in point: speaking about gold, Reuters said, “the upside for gold [will] be limited as the move [will] create more uncertainty over the timing of an eventual rate hike.”
On the flip side, many believe that when the hike does come, it also won’t have too big of an impact on precious metals prices. As Caroline Bain, an analyst at Capital Economics, explained to Reuters, that’s because markets have “now largely adjusted to the prospect that the Fed will start to raise rates by year-end.”
All in all, it seems that at this point any move by the Fed is likely to have limited long-term impact on prices for both gold and silver. Nevertheless, investors will no doubt be watching for the central bank’s next move — its next meeting is scheduled for October 27 to 28, and it has emphasized that it still plans to raise rates this year.
Company news
On Tuesday, Hecla Mining (NYSE:HL) made a production decision for its Mexico-based San Sebastian project, noting that it expects to start producing there by the end of 2015. The company bills itself as the world’s largest primary silver producer, and currently owns two primary silver mines, as well as a gold mine.
Phillips S. Baker, Jr., president and CEO of Hecla, is pleased with the decision, and said in a press release, “San Sebastian’s high-grade near-surface material is projected to provide significant production, more than 8 million silver equivalent ounces, and cash flow over the next two years.”
Thursday saw Alexco Resource (TSX:AXR,NYSEMKT:AXU) release the results of a 2015 drill program at the Yukon-based Bermingham deposit. Highlights include 4.98 meters grading 7,462 g/t silver, 4.76 meters grading 2,357 g/t silver and 2.35 meters grading 3,774 g/t silver.
According to the company, the 2015 drilling, along with a high-grade intercept uncovered during 2014 drilling, has led to the identification of a high-grade silver- and gold-bearing zone “over at least 40 meters down-plunge across a width of approximately 40 meters.” President and CEO Clynt Nauman said the zone may be a “game changer” for the area, adding, “[s]imply stated, this is a relatively shallow, very high grade discovery in the immediate neighborhood of large, high grade silver deposits; namely the adjacent Hector Calumet, Elsa and other historical deposits.”
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Related reading:
Gold Price Jumps as Fed Leaves Rates Steady
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.