Silver Nearly 10% Winner On Week
Woundup tightly for the last several weeks, silver bullion has made an almost 9.7% gain for the week of 20 August, after having gained 4% on Thursday alone. The poor man’s gold closed the week right at Friday’s high. Having started the week at $28 an ounce, silver has recaptured $30 and made a formidable run for $31. The spot price of silver was unrelenting this week, continuing an uptick from last week, having climbed $2.76 to close Friday at $30.76. The follow-up of silver and loaded Bernanke letters propelled silver further after the FOMC meeting. Silver has gained YTD 10%.
In the last ten days, silver has moved from around $27.75 to $30.75, marking a huge mid-summer gain for the volatile metal. With commercial hedgers reducing their shorts through the week, their was a minor uptick in the level of shorting by Friday,
Friday’s 1 day relative performance, silver in third behind lumber and soybean meal.
YTD, Silver 10%: