iShares Silver Trust: Silver Jumps to Near Three-month High

iSilver reports that SLV futures have dramatically jumped to higher levels that have not been achieved since November 6.
A financial report from the US government indicates that the economy had unexpectedly shrunk in the third quarter of last year. This grossly boosted the demand for precious metals. That’s when the Price of SLV started rocketing.

Since the beginning of the year, the price of silver has remained above $31, closing in up to $31.32. The major reason for this improvement has been the string of consistent daily gains accruing from reducing mining costs.

And does that mean that SLV is now not subjected to any market conditions? Well, precious metal experts from SLV ETF say that despite the declining business conditions, the price of silver surged upwards; an indication it has been independent of market conditions since the beginning of this year. It recorded a gain of $0.29 today compared to Monday’s price at $31.03.

While other precious metals in the universe are suffering sharp declines for some weeks now, SLV seems to be enjoying with Reuters suggesting that by the end of today, it would have surpassed the all-time high of 6.1million ounces in trade.

Price of SLV: For more information click here!

View Full Size Image