by Ronan Manly
This week has the makings of an historic one for gold and silver, a week which will be remembered for the stellar performances and breakout of the US dollar denominated gold price and silver price across spot, futures and physical markets. This has ignited everything from gold and silver mining shares, to gold and silver mining ETFs and Indexes, and sparked increased interest across the financial media, as well as across the institutional and retail investor bases.
Having closed the previous week at $19.34 and at a 4 year high, the spot silver price took off Monday 20 July, and is now, at time of writing, trading at $22.85, an intra-week gain of a mammoth 18%. While silver rose to just shy of $20 on Monday, it was Tuesday that provided the main fireworks, with the spot price zooming roughly 12.5% higher (or $2.50) to the $22.5 range, and a new six year high. After some brief consolidation, Wednesday’s trading included a successful attempt on the $23 mark, a level which is again being revisited as we speak, which is near the seven year high which silver recorded in September 2013.