Price of Silver Drops Back Below $16

The price of a Troy Ounce of silver dropped back below $16 today with US markets closed for the MLK holiday. No ETF’s are trading meaning SLV is also stagnant and will most likely see a drop off in price tomorrow when the markets open.

The price of silver was enjoying a few days above $16 while the world waited to see what the US economic outlook would bring. It appears investors from the rest of the world, also trading the precious metal silver, couldn’t wait much longer and the price of a Troy ounce has begun to pull back.

It will be interesting to see what the Fed’s news next week, to lower rates or keep them the same will do to the precious metals sector which usually raises with economic downturn or news indicating such. (Chances of the Fed raising rates next week are slim to none)