Silver September futures opened at $60.01 an ounce on Thursday, July 23 — the first open above $60 since July 10. The metal has gained 7.3% over the past week, even as it slipped 0.5% from Wednesday's close and fell further through the morning. The gold/silver ratio held at 67.9, in line with its average since 2000.
Silver's September futures opened at $60.01 per ounce on Thursday, July 23, down 0.5% from Wednesday's closing price. The metal then moved lower through the morning, reaching $58.42 as of 8:40 a.m. ET.
Thursday's open marked silver's first move above $60 since July 10. Over the past week the metal has gained 7.3% as investors weigh inflation concerns against safe-haven demand.
The gold/silver ratio holds near its long-run average
The gold/silver ratio stood at 67.9 at the open, in line with the average since 2000. The ratio measures how many ounces of silver it takes to buy one ounce of gold, and investors read it as a gauge of each metal's relative value. A reading above 75 could signal that silver is undervalued and positioned for stronger performance.
Silver's longer record stays mixed
The weekly advance sits against softer medium-term numbers. Silver traded 3.1% lower than a month ago. Against a longer horizon, it held 52.3% above its level a year earlier.
Those year-over-year gains have cooled since the spring. Silver's annual growth reached 173.3% on May 14, far above Thursday's 52.3% reading.
Source: Yahoo Finance
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