Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
The price of silver experienced three primary influences this week: anticipation of next week’s presidential election, a weakening dollar, and the Federal Reserve decision not to raise interest rates. Silver opened around $17.80, rose above $18.60 mid-week, and closed out around $18.40, breaking above resistance levels to find support.
After a month of sideways trading, this was a good week for silver prices. Both gold and silver rose on the backs of election jitters. Either presidential nominee to take the seat in the White House is expected to boost gold and silver prices, as this has been one of the most contentious and certainly unprecedented elections in history.
The main high for the week was prompted by the Federal Reserve decidedly not raising rates in November, though it’s still on the table for December. Though silver took a dip on Thursday, it was still holding strong through the end of the week as a safe haven investment against political and economic instability.