Silver prices traded near eight-week lows Wednesday, as the market succumbed to renewed selling pressure. Silver for December delivery was trading near daily lows, falling 13 cents or 0.7% to $18.94 a troy ounce as of 7:36 am ET. The futures price is on pace for another weekly decline. Since August 1, silver futures have plunged 8%. Precious metals were consolidating lower Wednesday, as investors turned their attention to the economic data and an upcoming speech by Federal Reserve Chair Janet Yellen. December gold was also down $4.40 or 0.3% at $1,341.70 a troy ounce. The gold/silver ratio used by investors to determine when to buy and sell precious metals reached a daily high of 71.12. Gold’s premium over silver is currently at its highest level since mid-July. The US dollar strengthened on Wednesday after trading sideways at the beginning of the week. The dollar index was up 0.1% at 94.66 as of 7:29 am ET. The greenback was trading higher against the euro, Canadian dollar and Swiss franc, but lost ground against the British pound. It was virtually unchanged against the Japanese yen. In economic data, Germany’s GDP growth was confirmed at 0.4% in the second quarter and 1.8% annually, the Federal Statistics Office said in a revised estimate Wednesday. The economy had expanded 0.7% quarter-on-quarter in the first three months of the year. The United States and United Kingdom will each issue revised Q2 GDP figures on Friday. Another high profile release on the docket is US durable goods orders, which measures demand for manufactured goods meant to last three years or more. The Commerce Department on Thursday is expected to show a rebound in durable goods orders in July. The category plunged 3.9% in June.

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