Silver Price Bounces to $36, Has the “Dust Settled”?

The silver price rebounded back above $36 Friday following the better than expected jobs report. The iShares Silver Trust (SLV), a proxy for the silver price and the world’s largest silver ETF, climbed $1.64, or 4.9%, to $35.36 per share in morning trading.

With today’s gain, the silver price extended its year-to-date gain to 17.4%. However, the price of silver remains lower by $11.66, or 24.3%, in this week alone.

Prior to this morning’s employment report, the silver price reached $33.04, its lowest level since February 28th. However, after it was reported that nonfarm payrolls rose by 244,000 in April – far above the 185,000 consensus estimate among economists – the price of silver surged higher alongside gold, oil, and other commodities.

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- Posted: 2011-05-06 11:32:11

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