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Silver futures post highest close in nearly a year

Tuesday, April 19th

"Silver futures rallied Tuesday, posting their highest finish in almost a year, while gold futures rose to a one week high, with the U.S. dollar-denominated metals getting a boost from weaker greenback.

Silver for May SIK6, +4.41%  delivery advanced 71.9 cents, or 4.4%, to settle $16.972 an ounce on Comex. That’s the highest close since late May, according to FactSet."


"Despite all the apparent risk-on sentiment, silver prices are surging with gold prices also taking upside cues,” said Brenda Kelly, London Capital Group’s head of analysts, in a note.

“Silver’s greater industrial use means it is more sensitive to the industrial cycle and potentially less of a haven than gold,” she added. Silver “does look cheap relative to gold in some respects,” even as the price ratio for gold to silver is now at a 2016 low, Kelly said.

Silver is up about 23% this year, outperforming gold’s 18% rise."

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