spot silver

Spot Silver 7 Sep 2010

The spot silver prices stalled a little in trading today as the risk on appetite for investors, which has been evident in the past few days, reversed on the news that some German banks may once again be harbouring toxic assets (where have we heard that before!)  Consequently, equities experienced a pullback as investors piled back into the Swiss Franc, gold, Treasuries and the Japanese Yen.  This had a knock on effect on silver which hovered in a relatively narrow range, just failing to breach the $20 per ounce price handle as a result.  Despite this, however, the recent bullish trend for silver, triggered by the breakout of late August continues to remain firmly in place with both the 9 and 14 day moving averages providing excellent support to the upwards move.  With silver now trading at $19.84 per ounce at time of writing we are just breaking above the high of May 2010 at $19.80 and having already cleared the high of 2009 at $19.44, and provided we hold at this level and break above $20 and beyond then the next target for spot silver is $21.34 per ounce, last seen in March 2008.