Both silver and gold have risen sharply today as the euro rebounds against the dollar. Gold also managed to cross it’s 200 day moving average. At the time of writing this post the spot price of gold was up nearly 25 dollars to $1635.80 per Oz while the spot price of silver was up over a dollar at $30.11 per Oz.
The euro climbed to a session high against the US dollar as sovereign and macro demand for the currency triggered stop-loss orders on short positions. However, the euro still remains weak as concerns over a possible euro zone debt crisis continue to weigh heavily on investors.
The iShares Silver ETF (NYSE: SLV) is up nearly 4% today at $29.26 while the ProShares Ultra Silver ETF (NYSE: AGQ) is up over 8% at $49.19.
The iShares Silver ETF rose 80% from late January 2011 to April 2011, only then to lose 44% of that value in the proceeding months. But many analysts point out that this fall could mean further gains to be had during 2012.
Sources:
- Gold and Silver Prices Up Sharply (BeaconEquity.com)
- Time To Buy Silver? (Barrons.com)
