US Silver Scrap prices advance; Silver Futures settle higher at $14.16 an ounce

UNITED STATES January 27 2016 6:57 PM     

NEW YORK (Scrap Register): United  States silver scrap prices advanced on Monday, while silver futures prices at  New York Mercantile Exchange settled higher mainly due to strong stocks with  nervous investors moving into safe havens as the US Fed began a two-day meeting  expected to give clues about the timing of the next interest rate  increase.

The major silver scrap commodities on the Scrap Register Price  Index traded up on Monday. The hallmarked silver scrap prices advanced to  $11.797 an ounce and non-hallmarked silver scrap prices gained to $10.472 an  ounce.

The most  active March silver contract on the COMEX division of the New York Mercantile  Exchange settled higher by 31 cents to $14.564 an ounce on Monday.

Silver  support by the gain's from Gold is viewed as a safe-haven asset for investors in  periods of severe economic instability.

Investors await the completion  of the Federal Open Market Committee's two-day January meeting on Wednesday for  further signals on the U.S. central bank's path over the next 18 months, as it  embarks on its first tightening cycle in more than a decade.