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Gold/Mining/Energy : Silver prices

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From: Lcrigger	6/1/2009 11:00:12 AM
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Silver Breaks Out, Aims for $17 Written by Brad Zigler Silver broke out last week, and now is poised to challenge the $17 level. Can it do it? From Hard Assets Investor (excerpt): "If last week was good for gold bulls, silver aficionados were positively ecstatic. London gold finished Friday up 2.1% for the week at $972, while silver popped 5.9% to the upside at $15.52. It was a breakout week for both metals, but silver made the bolder move. For the year, spot gold is up 12.4%; cash silver's risen a whopping 43.8%. July COMEX silver cleared a critical retracement level from its March-October 2008 decline and broke through key resistance at $15.26. Friday's settlement price was $15.79, just a penny off the high for the day. The move sets up a challenge of the $17 level, though volatility now seems to have overextended the market in the short range. A pullback to $15.50 on Monday wouldn't be a surprising reaction, though a test of near-term support at $15.10 could entice bargain hunters. Secondary support rests at $14.73 today." The full article is available at hardassetsinvestor.com

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