US Silver Scrap prices gain; Silver Futures jump nearly 2 percent

UNITED STATES April 12 2017 6:43 PM

NEW YORK (Scrap Register): United States silver scrap prices gained on Tuesday, while silver futures prices at New York Mercantile Exchange jumped as investors fled risk assets and sought refuge in safe-haven gold amid rising geopolitical tensions.

The major silver scrap commodities on the Scrap Register Price Index gained on Tuesday. The hallmarked silver scrap prices advanced to $14.769 an ounce and non-hallmarked silver scrap prices up to $13.11 an ounce.

The most active May silver contract on the COMEX division of the New York Mercantile Exchange gained 1.9 percent to $18.254 an ounce on Tuesday.

Precious metals are benefiting from a dollar that has softened somewhat and government bonds yields trading near the low end of their recent range.

A weaker dollar makes commodities priced in the metal more attractive to buyers using other currencies and lower yields can lift the appeal of purchasing gold—which doesn’t offer a yield—over owning government paper.