At long last and towards the end of the year, silver spot price is giving us some definite signs of steadiness and puts to rest – or rather on hold – dark scenarios predicting a market crash. Irrevocably connected with the spot price of gold, silver appears to have fortified a price range within which it has been trading for the last three weeks and at the same time a strong support has formed, clearly indicating that prices cannot drop any further.
Of course not many of us have reason to be satisfied with the course of events: silver started 2013 at $33.4 per troy ounce and a lot of good news in its favour, but it gradually plunged at $18.50 per ounce in mid-summer, a crippling 45% dive. Investors’ hopes were up again in September and this time the word was that demand for industrial use (mainly for the manufacturing of solar panels) was sky-rocketing and that silver was showing a noticeable upward trend.
In fact more than a few professionals estimated that the price of silver would easily cross the $30 per ounce barrier before the end of the year and would then gallop towards breaking the 2011 $48.55 per ounce all-time high. For these experts $50 per ounce of silver did not sound unreasonable considering the fundamentals.
To everyone’s surprise and dismay the spot price of silver made a sudden and totally unexpected U-turn from the area of $25 per ounce, breaking the $20 per ounce support and threatening the $19 per ounce mark. Last Wednesday’s (Dec 4) trading was nearly traumatic as this last defense before a year low was momentarily threatened; luckily the market reacted and the price bounced back, only to be stopped by the $20 per ounce resistance. The good news is that the spot price of silver seems to be stabilizing during the past three weeks, moving below the $20 per ounce point, but at the same time well above the $19 per ounce area.
Silver spot price for silver coins****
Silver coins are perhaps the oldest mass produced form of coinage. Silver has been used as a coinage metal as far back as the ancient Greek silver drachmas, the most prevalent trade coins in antiquity.
At current prices silver bullion coins can make affordable gifts and valuable additions to your collection. Check the official site of coininvest.com for ideal choices in silver bullion coins.
The most popular silver bullion coins from all over the world (in order of their year of introduction) are the 1982 Mexican Silver Libertad, the 1983 Chinese Silver Panda (whose panda bear design is changed every year), the 1986 American Silver Eagle, the 1988 Canadian Silver Maple Leaf, the 1993 Australian Silver Kangaroo, the 1997 British Silver Britannia (with exquisite alternate designs of Lady Britannia) , the 2008 Austrian Silver Vienna Philharmonic and the 2009 Russian George the Victorious .