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Silver's versatility to help sustain rally

April 27 2011, 11:51

FMX | Connect – www.fmxconnect.com - (Reported 4/27/2011)

Silver's versatility to help sustain rally

By CommoditiesNow

Silver's near record high has done little to deter investors' interest in the metal, while demand from the industrial sector should ensure the rally isn't a temporary phenomenon. A rush to buy physical silver this week, as prices came within cents of a record fix of $49.48 an ounce seen in 1980, shows that the metal's bright outlook could offset fears about a possible surplus this year.

With industrial use rising and investment demand showing no signs of slowing down, silver may avoid a repeat of a brutal correction in the 1980s that happened not long after the Hunt brothers tried to corner the market. A lack of substitutes means the industrial sector has to rely on the metal, prices of which have risen more than 60 percent this year after a gain of more than 80 percent in 2010. Gold, which often sets the tone for silver prices, has only gained around 8 percent to a record above $1,518 an ounce.For full article, click here.

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