Silver prices higher amid strong economic data

The price of silver was higher in early traded on August 8, as global market participants caused the metal to appreciate as they digested robust economic data.

The price of silver was higher in morning trade on August 8, as global market participants caused the metal to appreciate as they digested robust economic data.

As there are many people who might purchase precious metals as part of their retirement plans, continued gains might make this a good time to buy silver.

Markets were bolstered by data indicating that in July, the total exports of China surged 5.1 percent from the same month in 2012, according to Investing.com. This figure was substantially better than the one for June, when these shipments out of Asia's largest economy fell by 3.1 percent. In addition, the July figure surpassed the 3 percent gain that was expected.

The precious metal had been experiencing some declines earlier in the week as a result of sell-offs triggered by statements made by the Federal Reserve about monetary stimulus, Kitco News reports. Markets have hinged recently on the communications of officials working for the Fed.

In June, several asset types experienced sharp declines when Federal Reserve Chairman Ben Bernanke stated that quantitative easing could be reduced starting as early as 2013, and end completely as soon as 2014.

Since then, the tone of these statements has become more conservative, and Bernanke has emphasized that in order for the stimulus to be reduced, certain economic indicators will need to improve significantly.

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