Silver Crosses Magical $10 Plateau!
Silver prices moved above $10 a troy ounce for the first in more than 22 years buoyed by strong buying in metal and energy markets.
Traders said investors were also buying into the metal in the hope of a favourable US regulatory ruling on the launch of a proposed silver-backed exchange traded fund. Barclays Global Investors has filed with the Securities and Exchange Commission to list a silver backed ETF, which potentially opens up the silver market to new investors.
The silver price hit $10.14 a troy ounce in New York trade, its highest level since October 1983 and up 39 cents or more than three per cent up on the day.
Silver is up almost 60 per cent since the start of 2005. Prices were boosted this week after a strike at the Fresnillo silver mine in Mexico. Unions agreed to return to work yesterday.
Just thought I'd let you know...
Remember, at the beginning of the year I said that Uranium, Silver and Natural Gas will be the best performing sectors of 2006. The first two are bang on so far in the year.
Natural Gas has been a dump so far but don't worry, next winter will be much colder and so you'll have to be more patient to see that choice play out. Although, you it might start moving soon for the summer driving season. I'm not sure yet, we'll see how it goes.
posted by Mike @ Thursday, March 02, 2006
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I don't think natural gas is is reflecting the squeeze that will be coming over the next few years. Too much trading based on current inventories. You can probably find a better entry point in the next month or so, but for the long run, now could be a good entry point.
Also, do you think Silvercorp will pull back in April/May as the precious metals have tended to do so in the past during its weak season? I'm hoping to load up on some more metals then!
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