Silver Surges Over $46.25/oz As Rumours Of A Short Squeeze And Cornering Market Gain Credence

Submitted by Tyler Durden on 21/04/2011 08:18 -0400

From Gold Core

Silver Surges Over $46.25/oz as Rumours of a Short Squeeze and Cornering Market Gain Credence; Speculators Smell Blood

Gold and silver have surged to new record nominal highs in dollar terms (all time and 31 year) with the dollar falling sharply on international markets. Silver has continued to surge in all currencies and has surged to a new record nominal high of $46.25/oz (£27.85/oz and €31.54/oz) on growing rumours of a short squeeze involving a billionaire or state interest attempting to corner the silver market (see Financial Times news story below).

Traders and technically minded investors are firmly focused on silver’s record nominal high of $50.35/oz. Some with a longer term fundamental focus continue to see silver in triple digits if it is to match the real record highs of $130/oz seen in 1980. The inflation adjusted silver chart puts the present sharp rise in the all important historical context.

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