US Silver Scrap prices climb; Silver Futures up about 2% for the week

UNITED STATES April 17 2017 5:11 PM
 NEW YORK (Scrap Register): United States silver scrap prices climbed on Thursday, while silver futures prices at New York Mercantile Exchange settled higher as heightened geopolitical tensions underpinned safe haven demand for the precious metals.

The major silver scrap commodities on the Scrap Register Price Index advanced on Thursday. The hallmarked silver scrap prices advanced to $15.28 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 climbed 21 cents to $18.51 an ounce on Thursday, a level not seen since November 10. It was up about 2% from the end of last week.

Investors continued to play it safe as concerns over U.S. military action against Syria and North Korea along with worries over the French presidential election. 

Risk-off sentiment has boosted to demand for traditional safe-haven assets including bullion, as investors sought refuge from the recent market volatility amid increased geopolitical concerns. U.S. – Russia relations remained in the political spotlight, as U.S. Secretary of State Rex Tillerson was expected in Moscow on Wednesday to meet with his Russian counterpart Sergey Lavrov and discuss a number of sensitive topics including the Korean peninsula, Syria and bilateral relations.