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2016 Silver Price Analysis

Monday, January 2, 2017

It has been a year of two halves for the silver metal price – pre and post Brexit. During the first 6 months of the year the price of silver steadily rose from the year low of £9.49/oz on January 28th due to the insecurity surrounding the Brexit vote. However as the date of the referendum approached on June 23rd, prices began to fall as the financial markets confidently predicted a “No” vote.
As June 24th dawned and a “Yes” vote was announced, the markets went crazy for safe-haven gold, the pound fell in value against the US dollar and silver prices rose sharply on the back of both. The year’s peak price was £15.78/oz on July 11th and prices stayed at this high level for the next month.
Pundits predicted that prices would rise sharply again on the back of the Trump victory in November’s US presidential election, but the markets quickly re-adjusted from fear to positivity and so safe-haven metals dropped another notch with silver ending the year around the £13/oz ($16/oz) level.