After three years of decline, silver prices have been on the rebound in 2016. A weak US dollar, Brexit results and uncertainty over the incoming US president’s agenda have all impacted the precious metal prices this year.

The Investing News Network reached out to a number of companies in the silver sector to get their thoughts on 2016 and on what to expect from next year’s silver outlook. Impact Silver (TSXV:IPT) Investor Relations Manager, Jerry Huang, and Avino Silver & Gold (TSXV:ASM) Corporate Communications Manager, Charles Daley, were able to provide some insight.

A Look Back at 2016

Last year was tough for the white metal, but from the start of 2016 silver prices started to surge. The gold-silver ratio was at its highest in the first two months of the year since February 2008.

At the end of last year, Impact Silver’s Huang expected to see “some light at the end of the tunnel for mining”.

He highlighted the fact that in the final months of 2015 investors, who had averaged down, saw hundreds of percent gains in the first few months of 2016.

“Finally the high risks many investors had taken on the last four years had started to pay off in spades and we praise their conviction in the tangible value of many undervalued mining companies,” he added.

The unexpected outcomes of Brexit and the US presidential election, left the world uncertain about what may happen in the future. This political and economical environment turned investors to precious metals as a safe haven.

Silver prices jumped over $20 an ounce for the first time in roughly two years, after the United Kingdom voted to leave the European Union, and outshined gold in the post-Brexit precious metals rally.

But after the US Presidential election, although metals rallied, silver lost roughly 10 percent by November 25.

Avino Silver & Gold’s Daley agreed that this year, silver prices were affected by the uncertainty in the markets created by the lead up to the Brexit vote and then the US election, which saw precious metals appreciate significantly.

“However, following the US election the prices for precious metals declined significantly which came as a big surprise to many in the industry,” Daley said.