Silver closes above $28 on a whiff of QE3

The silver price closed on the New York COMEX overnight at $28.59 but on thin summer volume. No market events that I could see to trigger this rise but the minutes of the last FOMC meeting are due out this Wednesday (US time) and this may have caused some to speculate on The Fed posturing towards a QE3 announcement prior to the November Presidential elections.

For those that who aren't sure what QE3 entails, John Clack and Brian Dawe break it down well in this video: