Silver Prices Decline 4.5% in April

U.S. silver prices declined on the final trading day in April, driving the month further into the red and cementing a second straight monthly loss.

On Monday and in closing April, silver prices for July delivery fell 39.5 cents, or 1.3% to $31.016 an ounce on the Comex in New York. The white metal touched an intraday low of $30.600 an ounce and reached a high of $31.445 an ounce.

For the month of April, silver traded down $1.47, or 4.5%, after an even higher 6.2% drop in March. Jim Wyckoff of Kitco noted the following about silver:

"Silver prices are still in a two-month-old downtrend on the daily bar chart. The silver bears still have the near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $32.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $29.00. First resistance is seen at Monday’s high of $31.445 and then at last week’s high of $31.74. Next support is seen at Monday’s low of $30.60 and then at last week’s low of $29.925. Wyckoff’s Market Rating: 4.0."

Despite the two down months, silver prices have gained $3.10, or 11.1%, in 2012. It is the second best performing precious metal of the year, behind platinum.

In other New York metals futures on Monday:

• June gold prices closed to $1,664.20 for a 0.5% loss in April,
• July platinum prices settled to $1,571.90 for a 4.4% monthly loss, and
• June palladium prices closed at $682.35 for an increase of 4.3% in April — the lone precious metal higher for the month

Year-to-date gains include 6.2% for gold, 4.0% for palladium and 11.9% for platinum — the best performing precious metal so far in 2012.

Also on Monday, the London silver Fix was $31.20 an ounce, logging a monthly loss of $1.23, or 3.8%.

In other London fixings, gold at $1,651.25 an ounce declined 0.7% in April, palladium at $679 an ounce gained 4.3% for the month and platinum at $1,570 an ounce went the opposite way in falling 4.3% for the month.