US Silver Scrap prices advance; COMEX Silver plummets to $19.817 an ounce

UNITED STATES August 08 2016 7:14 PM     

NEW YORK (Scrap Register): United  States silver scrap prices advanced on Friday, while silver futures prices at  New York Mercantile Exchange turned lower.

The major silver scrap  commodities on the Scrap Register Price Index traded up on Friday. The  hallmarked silver scrap prices gained to $16.646 an ounce and non-hallmarked  silver scrap prices advanced to $14.776 an ounce.

Meanwhile, the most active September silver  contract on the COMEX division of the New York Mercantile Exchange down by 62.6  cents to settle at $19.817 an ounce, marking the metal’s sharpest daily drop  since May 19. Silver booked a 2.6% weekly loss.

US July employment  [data] is certainly bearish for gold and silver. It indicates very high chances  of a December interest-rate hike and also a very small possibility of an  interest-rate hike in September.