Silver prices spiked some 2%, or $0.51, to $20.49 an ounce intraday Thursday before closing the session up $0.37 to $20.14 an ounce.
While silver demand among U.S. traders at the moment is muted, silver demand in India – the world’s biggest buyer of the white metal – is insatiable.
It was a rather quiet week in the silver market. Silver prices dropped about 50 cents an ounce to trade in the $22 an ounce range.
The only real news – major news, that is – in the marketplace was the decision by the Commodity Futures Trading Commission (CFTC) to announce that its probe into silver price manipulation by the large Wall Street banks is closed without any action taken. This is after a five-year probe into the workings of the silver market.