US Scrap Silver prices gain; Silver Futures up nearly 35% year to date

UNITED STATES July 01 2016 9:27 AM

NEW YORK (Scrap Register): United States silver scrap prices gained on Thursday, while silver futures prices at New York Mercantile Exchange settled its highest settlement since mid-September of 2014. Futures prices are up roughly 20% for the quarter and up about 35% year to date.

The major silver scrap commodities on the Scrap Register Price Index traded down on Thursday. The hallmarked silver scrap prices advanced to $14.991 an ounce and non-hallmarked silver scrap prices up to $ 13.307 an ounce.

The most active September silver contract on the COMEX division of the New York Mercantile Exchange gained 21.6 cents at $18.623 an ounce on Thursday.

Silver has been the standout gainer among the metals over recent sessions, and Thursday was no exception; silver posted slim gains on the heels of a steep Wednesday advance.

The closely watched gold/silver ratio has dropped to below 72, its lowest figure in 13 months. The gold-to-silver ratio is the amount of silver, in ounces, that it takes to purchase one ounce of gold.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)