Posted on 03/02/2006 7:12:11 PM PST by Atlas Sneezed
The prospect of further rises in interest rates in the eurozone unnerved both equity and bond markets on Thursday.
...
The price of silver rose to a fresh 22-year high above $10 an ounce amid expectations that a silver exchange-traded fund would soon receive US regulatory approval.
Announced Silver ETF goosed the POS today.
NEW YORK, March 21 (Reuters) - U.S. benchmark silver futures shot to a 22-year high on speculative buying on Tuesday after the U.S. Securities and Exchange Commission approved rule changes for a silver exchange-traded fund. Silver for May delivery at the COMEX division of the New York Mercantile Exchange had surged $10.55 an ounce, up 16.8 cents -- the priciest for futures since late 1983 -- by 12:13 p.m. EST. The SEC said it has approved rule changes that will allow the American Stock Exchange to list shares in Barclays Plc's (BARC.L: Quote, Profile, Research) iShares Silver Trust, which is designed to track the price of the metal.
Four weeks later, silver hits $11/oz.
$11.00/oz. PING!
On second thought, maybe I'll keep it :)
Thanks, I had no idea it was going to spike like this.
Take another look. Forex showing 11.10, up almost 30 cents.
http://www.forex-markets.com/quotes.htm
Silver WILL go to higher than 50 an ounce. To match what it did in 81, it would have to go to around TWO HUNDRED BUCKS AN OUNCE!
Meanwhile, back in the USA
STOCKS ARE SOARING . . .the Russell 2000, alrready at an all-time high to start the day, is up HUGE, and the NASDAQ and other major indicies are having a gangbusters day.
Silver up .67 in after hours trading to near 11.50, gold up 20.75 to 584.00
Got shiny?????
I would guess that it will break $12, and then drop below $10 for more buying opportunities.
Silver just busted $12 overnight.
Silver was as high as $12.15 a few hours ago. I bought more silver on Wedneday at $11.68. Upwards is the continuing trend.
Word is to watch for it to break $12.50 If it does, the shorts (there are a lot out there) will have to cover their positions, and it will head to 15-16.
The commodities in general sure have all the earmarks of a speculation binge. Lots of money looking for a place to go - the dot.com, real estate, and now commodities. As a dedicated contrarian, where is one to go now?
Agree. 15 by the end of May at the latest is my solid guess.
Do you agree with 15 in May?
I just purchased another 1000 oz bar on Wednesday at $11.68. No qualms whatsoever and I might buy two more in this low 12 area. Thinkin' now about this.
Just now checked London silver. It finally bumped off $12.15 and making a move up.
If I could answer that kind of question, I'd be a millionaire.
No, I mean where does a contrarian go *now*?
Very true, lol.
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