The price of the silver ounce (31.1 grams) is currently trading at € 20.22. Overall, the silver price is 2011 in a downtrend. So the price of silver fell from € 23.48 to € 19.30 between the 3rd January and 28 January 2011. Here, the reduced demand for the precious metal had and the strong EUR / USD exchange rate dampening effect on the silver price.
, the euro climbed from 1.29 to 1.38 dollars between the 10th January 27 January 2011. The appreciation of the European single currency in the amount of +6.98 percent with a negative sign suggested by the silver price 2011th Silver is traditionally traded in dollars, paid for and then converted into other currencies. If the rise in the dollar euro exchange rate, the silver for the owner of the single currency will be cheaper.
last year climbed to € silver price of 12.93 euros to 23.10 euros (+78.65 Percent) between the 4th January 2010 and 31 December 2010. Particularly in the fourth quarter of 2010, the increase was significantly worse with a price of 16.66 each up to 23.10 € ounce.
Then there was a trend reversal. Thus, the silver price failed the year 2010/2011 more than once in the mark of 23,00 €. It was followed by a short-term downward trend in January 2011 with a year low on a closing basis at € 19.64 on 24 January 2011.
For technical analysts, the high increase in value of silver in 2010 +78 percent had gone too fast. A technical correction was therefore desirable and healthy for the silver price. Chart Technically, it seems quite possible that silver will fall only by 20 percent to € 18.50 per troy ounce, before the long-term upward trend may continue.
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