The silver price has risen above the mark of 34 dollars per fine ounce. This the price of silver reached a 31-year high of $ 34.30. Subsequently, it has been a pullback and then the silver ounce currently costs $ 33.06.
The unrest in North Africa and the Middle East have caused inflation to renewed rounds of raw materials and precious metals. Against the backdrop of a raging civil war in Libya, the oil price climbed to $ 108.57 per barrel (159 liters). The price of gold jumped above the mark of 1,400 dollars per ounce, rising to $ 1,410.98 in the spot market.
speculators such as hedge funds have their bets in an attractive silver price increases in 2011 and amortization are. On the New York Commodity Exchange COMEX exceeded the number of silver-purchase contracts that the Sales contracts to +35,159. Speculative accounts have increased so that in the last three weeks of trading their silver positions.
silver chart technically
The silver price is since end of August 2010 in a robust upward trend with a particularly pronounced urge upward. So the price of silver rose from $ 17.70 to $ 34.30 per ounce between 24th August 2010 and 22 February 2011. An increase of 16.60 dollars and +93.78 percent over the past six months.
is currently the silver price on the top line of the trend channel arrived. Thus, the probability has increased a setback. In addition, the Relative Strength Index (RSI) in the over-sold Terrain is with values greater than 70 points.
Since the silver price is particularly volatile, discounts appear in the order of -10 percent to 30 dollars per troy ounce by in the next few weeks.
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