Wednesday, October 6, 2010

Silver hits a new high of US$23

Silver has hit news highs in Hong Kong and London of US$23. Many pundits, myself included, posited that paper traders would take profits at the $22 level bringing the price down to approx $20. But even though the MACD is shouting overbought the desire for mankind's oldest and most used precious metal has continued unabated. Could it be after 100yrs of silver price control and manipulation we are seeing the first signs that the physical demands of industry and investors are overwhelming the futures markets' ability to create pre-determined price discovery points?

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