Brexit Shockwaves Boost Silver Prices to Over $19

5:47 AM


July 1, 2016 --As trading for the month of July begins, precious metals bulls hope for further momentum gains on the heels of a stellar June. Gold prices has advanced 9% and silver is up a spectacular 20% in June, with each metal hitting new highs for the year. Chart watchers expected silver to face hefty resistance just below the $19.00 area, but the white metal sliced through those levels in overnight trading. A weekly close above $19.00 silver could trigger short covering and further price gains in the days ahead.

Even with some great action in the metals markets this week, U.S. and European stock markets are taking center stage. Stocks have surged to recoup nearly all of their post-Brexit losses.

Overall, things are looking good for precious metals bulls. Silver is outperforming gold, with the gold to silver ratio dropping from a high of 83:1 earlier this year down to less than 70 today. Mining stock indexes continue to confirm the metals, closing yesterday at a fresh new 2016 high. The 120% run up in gold and silver mining stocks in the first half of the year has pushed momentum indicators to their most extreme readings since 2009. Precious metals stocks have outperformed every other category of assets this year, by far, and show little sign of relenting.

Live prices at MoneyMetals.com show gold currently trading at $1,335.85 per ounce on the global market, and silver is coming in at $19.25.

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