Silver price hits new 14-year high – Commerzbank
|The price of Silver is also soaring. This morning, it reached a new 14-year high of nearly $42.8 per troy ounce, Commerzbank's commodity analyst Carsten Fritsch notes.
Silver is also likely to continue to advance
"The price increase occurred largely in tandem with the rising Gold price. After Friday's decline, the Gold/Silver ratio is hovering around 86, close to the year's low recorded in early September. Since the beginning of the year, Silver has gained nearly 50%, outperforming even Gold."
"This means that it will likely become increasingly difficult for Silver to continue to outperform. Some ETF investors seem to share this view, as the world's largest Silver ETF recorded outflows totaling 313 tons on Wednesday and Thursday of last week."
"However, inflows of 192 tons were already reported for Friday. ETF investors appear to be divided on the future price outlook for Silver. As long as the Gold price continues to rise, Silver is also likely to continue to advance. However, the record high of just below $50 reached in April 2011 remains some way off."
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