US Silver Scrap prices decline; Silver Futures end lower

UNITED STATES May 30 2016 9:32 PM     

NEW YORK (Scrap Register): United  States silver scrap prices declined on Monday, while silver futures prices at  New York Mercantile Exchange ended lower as traders betting the Federal Reserve  is likely to raise rates this summer after a raft of hawkish remarks from  individual officials and the April meeting minutes.

The major silver  scrap commodities on the Scrap Register Price Index traded down on Friday. The  hallmarked silver scrap prices dropped to $13.419 an ounce and non-hallmarked  silver scrap prices down to $11.911 an ounce.

The most active June silver contract on the  COMEX division of the New York Mercantile Exchange settled lower by 7.4 cents to  $16.269 an ounce on Friday, with prices down about 1.6% for the week.  

Data showed the US economy did not lose as much momentum in the first  quarter as previously feared. But the 0.8% expansion in GDP was hardly something  to write home about.