Silver: Still Steam Left

Silver Investing News reports silver price is at its lowest on Tuesday.

The price of silver is as much tied to gold as it is to the industrial sector and if gold continues to slide, silver may as well. “Silver is drawing its strength from gold,” said Philip Gotthelf, the president of Equidex Brokerage Group Inc. “If gold doesn’t move up anymore, then silver is in trouble.”

The movements in the silver price over the past weeks are indicative of its “typical role as a high beta precious metal,” said John Reade, a UBS AG metals  strategist, “gently outperforming gold when both are strong, while underperforming less gently when both metals correct.” Reade predicts silver will trade at $15.75 within a month and $17 within three months.

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