Silver, Gold Jump After Big Selloff

A day after silver and gold were hammered, the two precious metals rebounded after investors took advantage to get in at a good price.
Silver and gold prices have been soaring, and were due for a correction.

Silver for May delivery climbed $1.02, or 2.9 percent, to $35.66 an ounce. Gold for April delivery rose $10.90, or 0.6 percent, to end the session at $1,722,20 an ounce on the Comex division of the New York Mercantile Exchange.

Neither the long-term outlook for silver or gold has changed, and the upward price momentum, over time, will continue.

Other metals were also up today, including May copper, which was up 5 cents, or 1.4 percent, to $3.92 a pound.

April platinum rose $8.50, or 0.5 percent, to $1,701.10 an ounce. Palladium for June delivery jumped $8.35, or 1.2 percent, to $715 an ounce.

Silver Wheaton closed at $38.80, gaining $0.43, or 1.12 percent. First Majestic Silver closed at $20.80, jumping $0.34, or 1.66 percent. Silvercorp Metals closed at $7.36, up $0.01, or 0.14 percent.