Silver price breaks $37 – now up 34% for the year
The silver price ascendancy this year shows absolutely no sign of letting up. Early last week we noted:
Silver has now rallied some 25% so far this year and it looks like the bulls have the bit between their teeth. That 34.8 200 DMA level is now so close it should be tested within the next week or so.
[emphasis ours]
Silver has not only tested it, it has smashed through it and is now trading above $37. We have to go back all the way to September 22nd of last year for the the previous time silver has traded so high.
Silver has now put on some 35% since the start of the year.
(click for sharper image)
In terms of £ silver the price is now up some 32% so far this year.
(click for sharper image)
The draw of $40 silver might be too tantalizing a target to resist for the bulls – and the way this market is shaping up don’t be surprised to see silver with a ‘4’ handle in March – and a retest of the that $50 high by the end of H1. Why wouldn’t this surprise us? Just take a look at all the money printing going on around the world right now.
Related posts:
- Silver price breaks $34 – now less than a buck from its 200 DMA
- Silver price now up 21% for the year so far
- Silver price holding steady above $30 – now up 10% on the year
- Silver now up 17% on the year
- Gold trades above £950 as Spain 10 year bond breaks critical 5.56%
Link to this article: : http://www.goldmadesimplenews.com/gold/silver-price-breaks-37-now-up-34-for-the-year-6241/
Posted by Jason Cozens on Feb 28 2012. Filed under Analysis, Gold News, Markets, Silver News.
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