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Article # : silver151
PRECIOUS METALS: Comex Silver Hits Nine-Month High
By Allen Sykora
Of DOW JONES NEWSWIRES
Silver futures continued their recent run higher on investment-type demand and chart-based buying, outperforming the other precious metals Wednesday as gold finished near steady.
July silver futures rose 26.5 cents to $14.865 an ounce on the Comex division of the New York Mercantile Exchange, peaking at a $15.02, their most muscular level since August.
"We had a very strong run-up in silver," said Jim Steel, metals analyst with HSBC.
Patrick Donnelly, broker with Peak Trading Group, said some fund buying appears to be returning to the market lately. The metal also drew technical strength.
And, he said, some market participants may be concluding "it's probably a pretty good price" as the metal has tended to lag gold since last autumn.
Silver did pare some of its gain on profit-taking, though, Steel said. Donnelly said some resistance appeared to emerge around the $15 area.
Meanwhile, June gold finished steady at $953.30, while the August futures edged up a single dime to $955.20.
"Everything is sort of canceling everything out," Steel said.
A stronger tone in the U.S. dollar restrained gold's upside, with the dollar index up around 0.250 point as gold was closing, he said. Yet late in the session, some buying emerged in case a Treasury auction did not go well, he said.
"But it looks like it was received well enough to take some of the bite out of the gold market," he said.
The market got one bit of news that might be considered bearish - the managing director of the International Monetary Fund said Congress is expected to approve of IMF gold sales within days. However, said Steel, there was limited reaction since the market has known for some time that the IMF was looking to undertake such sales to pay for loans for poor countries.
Source: news.silverseek.com