Silver Price Hot Streak Continues


Stock ticker The silver price streaked higher yesterday, with Comex silver for delivery in March gaining 4.6% to settle at $37.14 per troy ounce – the highest settlement price since September. Gains in the gold price were more modest, with gold for April delivery up 0.8% to $1,788.40, but nevertheless, this is above resistance at $1,780, and offers gold a good shot at running up to and perhaps besting the $1,800 mark. As MarketWatch reports, platinum and palladium also joined the party, with March palladium gaining 2.1% to settle at $719.75, and April platinum up 0.5% to $1,723.50.

As has been the dominant market trend of late, equities rode higher together with precious metal prices, the Dow closing above the psychologically important 13,000-level at 13,005.12. This is the Dow’s highest closing price since May 19 2008. Commodities as a whole also gained, though crude oil prices declined for the second day in a row. As is typical on a “risk on” day, the dollar fell against the euro and other major currencies, with the Dollar Index down 0.38% to close at 78.27. However, yields on longer-maturity US Treasuries continued to fall – contrary to what one would expect in an environment where inflation concerns are growing. Looks like we’ll have to wait a little while longer for the “Bond apocalypse” that Peter Schiff and others have been warning about.

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