SS: Silver Prices Retreat in May 2010 Despite Rallying Final Week
Silver prices soared this week, but nevertheless declined during the month of May after a 6.4% increase in April.
On Friday, New York silver futures for July delivery fell 4.6 cents, or 0.3, to $18.422 an ounce, capping a 1.2% loss in May. For the week, however, the metal soared 77.1 cents, or 4.4%.
The London silver fix on Friday was $18.530 an ounce, rising 17 cents, or 0.9% on the day. It was up 81 cents, or 4.6%, for the week but down 9 cents or 0.5% in May.
GFMS Ltd. Executive Chairman Philip Klapwijk believes economic growth will help drive silver to as high as $20 an ounce this year.
