Though this precious grey metal is a very useful “Industrial Commodity”, the prices of this metal are repeatedly falling in the year 2017. As per the World Bank data, the overall industrial growth is 2.9 percent as of mid-2017. Mexico, Peru, China and Australia contribute to more than 50 percent of the total silver mined per annum. The highest price of silver in 2017 was in February, since then it has been on the downtrend.
Currently, in the international market, it is even unable to hold at $17 per troy ounce. Economists say this has happened mainly due to slump in the Chinese economy because China is one of the world’s largest consumers of silver. But it is also true that after reaching the all-time high in the year 2011, silver prices have never seen uptrend from then.
The stock market experts claim that the silver prices are correcting and not “technically” going down. After this correction of prices, they will move up and down in concurrence with the global economic growth rate. Experts in the precious metal pricing are forecasting that this price correction may continue up to $12 per troy ounce and then it will be steady and move more or less in a straight line graph.