Silver fell to close the week below the $35–the lowest weekly since the week beginning February 28 as the white metal declined more than 5% in its fourth consecutive weekly fall.
Silver fell on broader dollar strength and a collapse in general commodities on the back on Thursday‘s IEA announcement, which caused oil to plummet. The summer doldrums may also be contributing to silver‘s bearish tone as physical demand for silver dips during the summer months.
The autumn should see an increase in demand on upcoming Indian festivals and seasonal trends in purchases for momentary metals
Elsewhere, Revolution Resources may have discovered a high – grade gold – silver target to add to its basket of projects. The discovery was made in the Carolina slate belt, in North Carolina, in the first drill-hole at its Jericho Hill prospect.
The gold:silver ratio is widening again, at around 43.4 this week from 42.7 last week, despite the sharp sell-off in gold. Many analysts believe this ratio should continue to narrow, however it currently stands close to its highest in a month, highlighting gold‘s out-performance relative to silver.
