Silver Prices Retreat from Year Highs
October 17, 2009 by goldguru · Leave a Comment
Silver prices in both New York and London retreated from last week’s highs with both markets settling at weekly losses of more than 1.5 percent.
New York silver futures for December delivery closed Friday at $17.42 an ounce, declining 27 cents, or 1.5 percent, from last Friday’s close of $17.69.
London silver was set to $17.31 an ounce, marking a weekly loss of 32 cents, or 1.8 percent. However, the metal is still up a remarkable $6.52, or 60.4 percent, from the Dec. 31 fixed price of $10.79 an ounce.
"Despite our reservations in the short term, we are very bullish on silver longer term," Sean Rakhimov from http://SilverStrategies.com said. "More importantly, we believe that the next big move up in silver is about to begin. Not tomorrow, not next week, but in the medium term."
London precious metal weekly prices follow:
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