Is the Silver Price Going Higher in 2017 After Last Week’s 3.7% Rally?

The silver price has bounced back strongly from its low over two weeks ago. The price of silver is coming off a strong 3.7% gain last week and is now up 7.4% to $16.51 from its July 7 low of $15.37. Not to mention, silver futures have suffered only one down day in the last 10 trading days.
The 7.4% rebound since July 7 has come in small increments, but it’s been steady and stealthy. The average daily gain for silver prices since the July 7 low has been 0.6%, and that stealth growth may be most helpful for looking at where silver is headed in 2017. As silver climbs quietly higher, it continues to ‘feel’ like sentiment is still against it.
Yet those are often the times when a price advance is the easiest to achieve, because it goes mostly unnoticed, bringing along fewer bulls for the ride higher.
I’m one of those bulls, which is why I’m going to share my bold silver price prediction with you today.
But first, let’s look at the price of silver’s big week last week…
Silver Price Rises 3.7% on the Week (July 14 – July 21)
After closing at $15.88 on Friday, July 14, the silver price opened Monday, July 17, higher at $16.11. Although it trended lower throughout the day, the metal still closed at $16.08 for a 1.3% gain on the day.

This post was published at Wall Street Examiner on July 24, 2017.