Silver Surges 4.5% To Over $37/Oz On "Massive Fund Buying"

Submitted by Donald on Wed, 02/29/2012 - 13:27

Spot silver gained 0.4% to $37.05 an ounce, after surging 4% and hitting a 5 month high of $37.21 in the previous session.

Silver as ever outperformed gold yesterday and traders attributed the surge to “massive fund buying” and to “panic” short covering. Some of the bullion banks with large concentrated short positions covered short positions after the technical level of $35.50/oz was breached easily.

Comex Silver Bulls Gain Technical Momentum As Prices Hit 5-Month High, Push Above $36

Submitted by Donald on Tue, 02/28/2012 - 17:08

(Kitco News) - March Comex silver futures prices Tuesday hit a fresh five-month high of $36.215 an ounce on fresh speculative and technically related buying. The weaker U.S. dollar index Tuesday is also inviting demand for silver. The silver bulls have the solid overall near-term technical advantage and have gained fresh upside near-term technical momentum this week. Prices are in a two-month-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at $37.50 an ounce.

A Healthy Future depends on healthy, happy children.

Submitted by Donald on Sat, 01/01/2011 - 11:38
A Healthy Future depends on healthy, happy children.
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