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.