Another stellar year for silver
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The restless metal is on the move again. Having held steady at around $7 an ounce for the past few months, silver has risen by about 7% to $7.50 over the past fortnight, and a further 11% advance is on the cards for this year. Chartists “are cheering”, as silver has finally broken through the resistance level of $7.20, says Ingo Narat in Handelsblatt, while analysts also point to the fact that for the past three weeks silver has moved independently of dollar; it usually slides as the greenback rises, but not this time. Sentiment is also being bolstered by the news that Barclays Global Investors is to launch an exchange traded silver fund to meet growing investor interest in metals prompted by low returns in stocks and bonds. That will make it much easier for institutional and private investors to play the tiny, illiquid silver market. There has also been encouraging news from the annual survey of the world silver market by GFMS.
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