Silver Slips to $17.44 per Ounce

Like gold, silver also saw a price decline on Wednesday as rallying global equity markets reduced demand for precious metals, according to iNVEZZ.com. Specifically, silver fell 0.26 percent, or $0.05, to $17.44 an ounce — down 10 percent from its 100-day simple moving average of $19.37.

Activity on both the S&P 500 (INDEXSP:.INX) and the NASDAQ shows growing confidence in global equity markets, a change from volatile activity during the previous week. If this positive sentiment continues to grow, it’s likely silver prices will fall accordingly.