Silver Rises to $21.07 an Ounce as Investors Seek Safe Haven

Today, silver rose 1.2 percent or, $0.25, to $21.07 an ounce, according to Reuters.

Commenting on the gain, Macquarie Securities Group analyst Matthew Turner told the news outlet, “[w]ith the Chinese New Year and the U.S. weather we have been in a bit of a data vacuum and events (like Ukraine, China) have become much more important for gold and those have been on the bullish side.”

Those factors are equally relevant to silver, as it is also a precious metal investors see as a safe haven.

“The following month will be crucial to assess if the U.S. economy is really accelerating and to see what the Fed new outlook is and also how Chinese demand is going to hold up,” Turner concluded.