Spot Silver, Silver Futures Both at $23.70

Spot silver prices increased $0.10, or 0.74 percent, hitting $23.70 an ounce, Reuters reported. Silver for July delivery on the COMEX in New York stayed the same, also at $23.70. However, silver futures are down more than 21 percent compared to this time last year.

Forbes reported that silver prices are experiencing a seven-month-old downtrend on the daily bar chart. Yet July silver futures bears have the “overall near-term technical advantage.”

Money Morning said silver prices are likely to experience record-breaking gains in the near future.

“[B]ecause silver has a high beta, meaning it moves disproportionally compared to other metals in both bull and bear markets, it’s frequently the favored metal because of its stellar possibilities,” investor Jim Rogers told the publication.