Gold and silver have consolidated on recent gains as inflation, geopolitical and eurozone debt concerns support. Silver has risen above its 31-year record closing price of yesterday and looks set to target new record nominal intraday highs above $38.16/oz.
"Poor man's gold" is set for a record nominal quarterly close which will be bullish technically and set silver up to target the psychological resistance at $40/oz and then the nominal high of $50.35/oz . Silver's record quarterly close was $32.20/oz on December 31st, 1979.
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While silver is up 22% this year and is heading for a ninth straight quarterly advance, its fundamentals remain very sound. With gold above its nominal record of 1980, poor man's gold continues to be seen as offering better value. To the masses in India, China and Asia, silver is the cheap alternative to gold and an attractive store of value and hedge
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Amanda Marcum Leila Arcieri Kate Mara Izabella Scorupco Carla Campbell
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