Silver Price Drops with Gold Price Rise

The price of gold increased today more than $6 per ounce to a price of just over $1480 per ounce. The sharp uptick in gold price is having the opposite effect on the price of silver. Silver price fell by another 2 percent on top of other recent drops to just under $34 peer ounce.

The rise in the price of gold came as good news after the big dip in gold price yesterday when it fell by $42.42 down to $1474.04. This was one of the worst drops for gold since last November amid a very volitile day for commodities.

The drop in silver price was much more substantial for investors as it represents nearly a 12% loss in price. The drop thursday was in fact the largest drop for a single day since October of 2008. For the week the price of silver has fallen off about 27% or $13.16, representing the worst perfromance for the metal since 1980.

For some investors, however, as gold continues toward a forcast plateau around $2000 per ounce, the recent drop in silver may represent a good opportunity to get in on silver. Analysts expect that once gold reaches its top end, the price of silver will continue its climb. Recent reports expect to see silver up to $150 per ounce before the end of the year, despite its recent fall.