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Silver Climbs to Highest Since May as Prices Enter Bull Market

Thursday, August 15th

Silver futures rose to the highest since May, entering a bull market, as equities slumped and the dollar declined, increasing demand for the precious metal as an alternative investment.

The MSCI All-Country World Index of shares headed for the biggest drop in seven weeks. The Bloomberg Dollar Index, a gauge against 10 major currencies, fell as much as 0.5 percent, declining for the second straight day. Gold rose to an eight-week high. Holdings in exchange-traded funds backed by silver rose to a record 19,890 metric tons yesterday and are up 5.1 percent this year.

“We are seeing money flow into precious metals from stocks today,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “The weakness in the dollar is also a big support.”

Silver futures for September delivery advanced 5.3 percent to settle at $22.935 an ounce at 1:49 p.m. on the Comex in New York, the biggest jump since July 22. Earlier, prices rose to $23.19, the highest since May 22. Trading was 72 percent higher than the average in the past 100 days, data compiled by Bloomberg show.

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