Silver Advances on Account of Downgrading of Greece’s Credit Rating

Silver futures advanced from their highest weekly drop since 1975 on account of Standard & Poor(S & P) revising Greece’s credit rating downwards. Silver futures rose by 1.72 percent to be at USD $ 37.755 an ounce. Meanwhile, gold futures advanced by 0.55 percent to USD $ 1511.50 an ounce.

S&P cut Greece’s credit ratings by two levels down to B, as the country’s economic woes continue. A further drop in Greece’s ratings is on the cards if the country defaults on its debts. European leaders are considering restructuring the country’s debt, which would be disastrous and would affect the value of the Euro as well. Greece’s economic condition has increased the demand for silver and gold as safe-havens.