Silver now up 17% on the year
Last friday and with a couple of hours of trading left we put out a piece about how silver was out performing gold and is up about 10% for the year. Then in those last trading hours of last Friday silver shot up from just above $30 to $31.5.
The rally has continued into today and silver is now up to $32.36 – which means that silver is now trading up some 17% for year, putting on an additional 7% in just over one trading day. Highlighting just how quickly silver’s fortunes can turn around.
Clearly the bulls are feeling very strong at this point and any shorts seem to be running for cover.
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But as we’ve pointed out with gold (here and here) it is in €s where the real action is at – silver is now only 3% away from getting back to its 200 daily moving average:
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And £ silver continues to out perform $ silver, now only 7% away from getting back to its 200 DMA.
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Related posts:
- Silver price holding steady above $30 – now up 10% on the year
- Silver Exploding – Gold Silver Ratio Nears 30-Year Lows
- Silver: The battle for $32.2 rages on
- And it’s HIGH-ho silver away – Silver gaps higher to over $44
- Silver price doubling in a year cuts margins of solar producers
Link to this article: : http://www.goldmadesimplenews.com/gold/silver-now-up-17-on-the-year-6034/
Posted by Jason Cozens on Jan 23 2012. Filed under Analysis, Gold News, Markets, Silver News.
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