The price of silver resumed its upward trend as it reached its highest level since mid-March 2014. This week Janet Yellen will testify in Congress. This testimony could impact the price of silver.
During the previous week, silver rose by 1.5%. Moreover, other silver related stocks including iShares Silver Trust (SLV), Silver Wheaton (SLW) and Pan American Silver (PAAS) also pulled up last week. These companies’ stocks increased by1.3%, 2.6% and 1.2%, respectively.
Yellen and Silver
The minutes of the FOMC meeting, which were released last week, may have contributed to the recovery of silver. The dovish tone in the minutes may have been enough to bring back the demand for silver. After all, the prevailing low cash rates keep silver from tumbling down. Moreover, if the Federal Reserve leaves its cash rate for a longer than expected period of time, this could further pull up the price of silver.
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