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Silver Market Updates

Live Silver Price Chart

May 17, 2012
By SilverSeek

Live 1-Hour Spot Silver Price Chart: http://www.silverseek.com/quotes/hoursilver.php

Finding Opportunity in Silver, the Devil's Metal

May 17, 2012
By Chris Mullen, Chief Content Manager

Silver has been called the most volatile of metals. But volatility produces opportunity, according to Chris Thompson, a top-ranked StarMine analyst with Haywood Securities. In this exclusive interview with The Gold Report, Thompson forecasts a strong year-end for the devil's metal, despite price weakness so far in Q2/12.

Target 2 reached in Silver (Copper target reached)

May 17, 2012
By Chris Mullen, Chief Content Manager

The second target for the bearish "Head and Shoulders" pattern on silver was reached for greater than $25,000 per contract. The target was using "Measured Rule", which takes the distance from the top of the head to the neckline, and adding it onto the breakdown point.

Silver Market Morning

May 17, 2012
By Chris Mullen, Chief Content Manager

New York bounced back to $1,550 yesterday and Asia and London held it in that region today ahead of the gold Fix. The euro was weaker at €1: $12707. This morning in London, gold Fixed at $1,547.00 and in the euro at €1,217.439 up €10. Ahead of New York’s opening it looked slightly weaker at $1,546.50 and in the euro, which also continued to slip, €1,217.81 while the euro was at €1: $1.2699.

Backwardation in Gold And Silver

May 16, 2012
By Chris Mullen, Chief Content Manager

On Monday, May 14, something happened that hasn’t happened since Dec of 2008. Two successive near-month precious metals futures contracts were in backwardation at the same time. To oversimplify, backwardation is when the price of a futures contract is lower than the price in the spot market.

Silver Market Morning

May 16, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,542.60 down $16 and fell further in Asia again to $1,537.5 where it Fixed in London. The euro stood at €1: $1.2714 down 1.5 cents against the dollar. This morning in London, gold Fixed at €1,208.725 down only €5. Ahead of New York’s opening it looked stronger at $1,539.45 and in the euro, which also continued to slip, €1,209.31 while the euro was at €1: $1.2730. Silver Today - Silver closed at $27.64 in New York and rose in London opened at $27.37 after Fixing at $27…

Silver Market Morning

May 15, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,558.60 down $23 and held there in Asia as the selling seemed to have stopped for the moment. The euro stood at €1: $1.2863. This morning in London, gold Fixed at $1,559.00 down $5 and in the euro at €1,213.607 the same as yesterday. Ahead of New York’s opening it started to bounce and stood at $1,559.55 and in the euro, which also continued to slip, €1,212.90 while the euro was at €1: $1.2858.

Silver Market Morning

May 14, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,581.30 down $12.3 before the ‘clumsy’ seller came in again and pushed the gold price down in Asia again to $1,563. The euro stood at €1: $1.2876 after Friday’s close of €1: $1.2921. This morning in London, gold Fixed at $1,563.00 down $18 and in the euro at €1,213.792 down €15. Ahead of New York’s opening it started to bounce and stood at $1,564.00 and in the euro, which also continued to slip, €1,215.51 while the euro was at €1: $1.2867.

Silver Update

May 11, 2012
By Chris Mullen, Chief Content Manager

Here are a few patterns that might explain the current state of the silver price, as well as, provide the possible way forward. Below is a graphic which compares the current pattern on silver (from about the beginning of 2011 to present) to a 2007 pattern:

Target 1 reached on silver (update on gold)

May 11, 2012
By Chris Mullen, Chief Content Manager

The initial profit taking target of the "Descending Triangle" pattern of the daily chart (right hand side below) on silver has been reached. The "Head and Shoulders" pattern on the daily chart is still in play.

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