Silver Surge Continues For Fifth Day; Settles 4% Higher

KITCO NEWS - Silver is continuing its winning streak with the metal is up four percent, surging back towards $20 an ounce on Tuesday. December silver futures were up $0.772 at $20.19 an ounce. In contrast, gold was up two percent on the day with December Comex gold last up $28.80 an ounce at $1,355.60. Frank Holmes, chief executive officer of U.S. Global Investors, says he is liking silver, a lot. He said it is his play pick this week, as silver has outperformed gold in the last two weeks, erasing the shift after the latest Federal Reserve minutes. Both gold and silver ended the U.S. day session sharply higher and hit three-week highs. Overnight gains in both metals were solidly extended after the morning release of a very downbeat U.S. ISM non-manufacturing report for August.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.