Silver Explodes: Precious Metal Price Reaches 11 Month High

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In recent months a lot of attention has been given to gold. After a decade long rally that saw its price rise above $1,800 per ounce, gold has disappointing investors after floundering for the past 3 years. But now the precious metal is rallying again. The price of gold has increased by 17% this year, making the 1st quarter of 2016 the most impressive in 30 years.

Silver however has been lagging behind. Despite normally keeping pace with gold, silver has only increased 8% this year, but that may be about to change. Silver was up by more than 4% on Tuesday and briefly reached over $17 an ounce; the highest it’s been in 11 months. It’s believed that the gold-silver ratio is what’s driving the price. The two metals typically rise and fall together, and investors believe that silver is poised to catch up to gold.

But more than that, the price of both metals has grown in light of a weakening dollar, volatile markets, and concerns that a major recession is on its way. Most hedge funds are currently betting that the gold rally isn’t over yet, and the number of contracts on gold futures hasn’t been this high since 2012.

What do you think? Is gold and silver finally ready to break out and recover from the losses of the past few years?

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Contributed by Joshua Krause of The Daily Sheeple.

Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

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  • ExecutorOffice

    sheez, 4% is an explosion ?

    • So what are you planning to do with all of your new-found wealth? 😉

      • ExecutorOffice

        buy a snickers bar !!

        • I would hope you have more than just $50 in physical silver at this point…

          • That wasn’t much more than an ounce in april 2011.

          • by implying a 4% increase on his silver holdings only bought him a snickers bar, that’s the amount he would have. ’bout fifty bucks.

          • Maybe he was thinking about a case and talking about a single. 4% of mine would have bought a truckload.

          • ExecutorOffice

            as one who owns 1/7,000,000,000 of the Earth, yes I do.

  • Mr Larry

    Gee Josh, I guess if jeebus and his dad want the prices to rise the might.

  • jame watts

    Do t buy into this bullshit it’s going back down to maybe $11.00. Before it explode to $100+ Per ounce

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    • Adol Hintner

      Hope you’re right, because I want to buy, but have been putting it off. The chart doesn’t say yet it’s going down. With Yellen raising interest rates and Obama printing out money like it’s paper, it sure looks to me like it’s not going down.

      • Harry Dent is predicting gold will drop to $700 before it goes to the sky. Since I’m hoarding cash anyway, for other reasons, I’m using that as my marker for when to cash out to value.

    • It would be nearly impossible to buy at $11 an ounce. There wouldn’t be any available and the mines would shut down.

      • jame watts

        They are already shutting down, and also many mines producing at a loss as it is. Are you are retarded? If what you stated was fact instead of bullshit which is what it is. It all would have shut down when it was at 13-14 range for months. Get a clue.

        • They are shutting down because the primary resource that they were recovering developed a glut in a failing market, and with the price of silver being held down by manipulators, it couldn’t justify being produced at lest than the cost of production. You might have a clue, but you don’t seem to understand simple economics.

  • Frank

    When the US Dollar falls, in value or from being dropped as the world’s Reserve Currency, the values of Gold and Silver will shoot to the moon.
    The Fed is pumping out Dollars, from which we should see significant Inflation, but we’re not, so you know they’re manipulating the market – just to maintain the illusion of normalcy. With the US national debt spending continuing to climb, we’re unable to pay for everything now, and more debt can be expected (especially is Hillary is elected Pres). The idiot, corrupt politicians that are being instructed by the “elites” are pushing our nation toward insolvency (bankruptcy) – from which they are and will surely take more riches. When we hit the tipping point of not being able to even make payments on the interest on the debt, Default; Russia, China, Brazil, and India will surely push to drop the USD and move to an international currency – which has already been proposed. If you don’t produce anything you can’t sell anything, and you’re just living on credit and debt, the simple analogy of America today.
    The party is going to end soon, because we’re running out of foreign nations that are willing to buy our debt (through US Treasuries) because we’re near the point of not being able to pay any interest, let alone the actual Principle debt, with no solution in sight as the US and world economy continues to flounder and decline. We’re already seeing Deflation as consumer spending has dropped off and people are reluctant to borrow more (incur more debt) in our failing economy, even with Interest Rates at near 0% – people are waking up. America and Americans are not paying their bills, and those bills are coming due.
    When the world dumps the USD, America will then see explosive Inflation like the Great Depression and what has happened in other countries when their currency was deemed worthless. Precious metals and durable goods will help prevent financial devastation. Look at what the Japanese people are doing – taking their money out of the bank and keeping it in a safe at home (home safe sales have exploded in Japan). I would also bet that some Japanese are taking their money and buying Gold. All of this is due to Negative Interest rates imposed by the Japanese government (Bank of Japan) – an act of desperation. Americans should be paying attention and taking action ahead of the same desperate moves by the US government and American banks. Keep cash balances low in bank accounts, just enough to pay regular monthly bills, etc.. Use extra cash to buy precious metals (Gold and Silver), durable goods, extra food stores, and productive (farm-able or harvest-able) land. I think, eventually, Americans can expect to have limits placed on cash withdrawals, imposed by the banks with the support of the US Gov. Think “Soviet Union” living until the mess, and those responsible, are “sorted out.”

    • It is important to remember that the values of gold and silver never change. It is the changes in the value of the dollar that makes the prices of gold, silver, and most commodities, change.

  • last time I added to physical silver was January. Tossed in a handful of mining and PM stocks just for fun since I figured market fear would drive them up. Result? Silver is only up $3 or so /Oz, but the fake paper more than doubled. ($9 to 18+ in 4 months) I’ll dump the paper in the next few months, depending on how bad the fear smells, but if its any indication I would say silver will likely double this year if people stay worried.

  • Silver has a long way to go to get back to its historic highs of April 2011.