Posted By Isaac Nuriani
The Lone Ranger’s horse, Silver, was known for its ability to make exciting jumps and climb fast. Now, the mighty steed’s namesake metal is making similar moves, having reached a 10-month high on April 19. On that day, silver futures for May delivery were up 43 cents (2.6 percent) per troy ounce, to $16.68. This followed a 6 percent rise the previous week. It was June 2015 when we last saw these prices. Which is to say, silver has joined gold as the investments of the year. Gold is flirting with $1250 an ounce, on its way I believe to $1300 and then much higher.
From hedge funds, those secretive private asset managers that employ the best and the brightest minds to allocate their investments. That’s one hell of an endorsement for silver metal. In addition, China is buying enormous amounts of silver, spurred on by the recently weakening dollar. Since silver is denominated in U.S. dollars, China can buy the metal at bargain prices when the dollar is weak.
You can buy the metal at bargain prices too, if you do so through your Augusta Precious Metals Silver IRA. That’s because certain contributions to an IRA are tax-deferred.
If you have already allocated a portion of your retirement nest egg to precious metals, you’ll love the fact that buyers have established a higher floor under silver’s price. What’s nice is that, even with silver’s recent spurt, some analysts still consider it under-priced relative to gold. And unlike gold, silver has many industrial uses that creates a steady demand for the metal. In many cases, industrial silver is not recycled, meaning that once it’s used, it’s forever off the market.
All this adds up to a 21 percent return on silver since 2016 began, even outperforming gold, which is also having a spectacular year. I believe a secular bull market in silver will have it at $20 an ounce in the next year or two, and maybe a lot sooner. So you still have time to open your Augusta Precious Metals Silver IRA, but don’t dawdle. Before you know it, the Lone Ranger will have driven Silver to higher ground.
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