The previous record quarterly close was $32.20 for Q4 1979. While silver has yet to reach the record nominal high of $50.35 (or inflation adjusted high of around $350), a record quarterly high before reaching even its nominal all-time highs indicates that this market is far from the parabolic blow-off stage that will mark the end of its bull run.
Silver was up 22% for Q1, its 9th straight quarterly gain, and is continuing huge gains from 2010.
Silver continues to consolidate in a range from $36.80/$37 to $37.80/$38. The longer this range trade continues, the stronger base it will build to fuel its next move up to $45-$50 by November.
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| Quarterly Silver Chart, from GoldCore |
