Silver Price Volatility Near 10-Year Lows

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Silver prices are nearly unchanged on the year, underperforming the rest of the precious metals but with its sluggish price action, options volatility levels are near multiyear lows for silver, according to Kitco News.

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Mike McGlone, head of US research for ETF Securities, said 30-day silver options volatility is around 12% as of Tuesday’s close, coming just off a 10-year low made during last week’s price drop.

The price of Japanese silver increased by 2.7 percent on Thursday, May 8 to JPY 643.00 ($6.31) per 10 grams, making it the day’s biggest mover. US silver closed 1.3 percent lower at $19.30 per ounce. Following a couple days of improvement, the price of Chinese silver weakened by 1.1 percent. Prices closed at CNY 4,080 ($654.17) per kilogram. Indian silver finished the day up 0.8 percent to INR 43,900 ($732.85) per kilogram.

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The price of Chinese gold bullion dropped by 1.5 percent to CNY 259.00 ($41.53) per gram after holding steady. US gold bullion ended the day at $1,290 per ounce, after the 1.4 percent drop on Thursday. The price of Japanese gold bullion improved by 1.3 percent, closing at JPY 4,275 ($41.96) per gram yesterday. At INR 27,905 ($465.84) per 10 grams, Indian gold bullion fell 1.3 percent yesterday.

The price of US platinum bar changed direction with a 1.5 percent drop. After two days of improving prices, the metal finished at $1,428 per ounce. The price of Chinese platinum bar fell 1.3 percent to CNY 306.00 ($49.06) per gram. The price of Japanese platinum bar finished the day at JPY 4,751 ($46.64) per gram following a 1.3 percent increase.

The price of US palladium bar declined 2.7 percent to $793.00 per ounce, after two days of improvement. Following a quiet couple of days, the price of Chinese palladium bar fell 1.6 percent on Thursday to CNY 182.00 ($29.18) per gram. The price of Japanese palladium bar remained steady at JPY 2,665 ($26.16) per gram.

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