Precious metals buyers push silver higher amid Euro strength and Greek speculation
Silver prices followed other metals higher on February 15, as speculation that the Greek debt situation will be promptly resolved and a strong euro impacted the sentiment of precious metals buyers, causing them to push the commodity higher.
Reuters reports that silver was trading 0.9 percent higher at $33.85 per ounce. March silver futures were most recently trading $0.327 higher at $33.68 an ounce on the Comex division of the New York Mercantile Exchange, according to Kitco News.
The U.S. dollar index was trading 0.22 percent lower at $79.23, TheStreet reports.
"The correlation between gold in the short term and some of the risk markets is higher than people probably expect," Pau Morilla-Giner, head of equities, commodities and alternative investments at London and Capital Asset Management, told Reuters. "Below the surface … gold continues to trade about 60 to 70 percent of the time as an alternative currency," which is related to the metal being a more reliable store of value than traditional currencies.
Kitco News reports that Greece has received authorization to receive its next round of funding, but still needs to jump through a few hoops to receive the money.
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