US Scrap Silver prices advance; Silver Futures post best settlement since Aug 2014

UNITED STATES July 12 2016 5:38 PM     

NEW YORK (Scrap Register): United  States silver scrap prices advanced on Monday, while silver futures prices at  New York Mercantile Exchange settled higher boosted both by hedging demand and  for its use as an industrial commodity.

The major silver scrap  commodities on the Scrap Register Price Index traded higher on Friday. The  hallmarked silver scrap prices rose to $16.852 an ounce and non-hallmarked  silver scrap prices up to $ 14.958 an ounce.

The most active September silver contract on  the COMEX division of the New York Mercantile Exchange gained 20.5 cents at  $20.304 an ounce on Monday, the highest settlement price since August  2014.

Momentum, investor sentiment, and technicals are all bullish for  gold and silver right now. However, the biggest influence for both metals for  the rest of the month will be the U.K.’s plan to exit from the European Union,  he said, referring to so-called Brexit.