Monday, March 21, 2011

Silver Strong- Ready to Challenge Multi Decade Highs in Tonight's Asian Session

Blythe has had her hands full today.  Silver has rallied almost all the way back to the multi-decade high made near $36.75.  The report that China imported 245 tons of silver in February lit a fire under the shiny metal during today's session, as traders have apparently forgotten about the ongoing nuclear disaster situation in Japan.
If reactors 1-4 do not significantly worsen in the next 24-48 hours, (causing hedge funds to dump all "risky" assets) silver appears ready to give Blythe all she can handle. 
The Bankers have drawn the $36 area as the line in the sand.  If this breaks convincingly, look for silver to rapidly run up to the $40 zone, where we can expect a renewed battle. 
Grab some popcorn, this is shaping up to be an exhilarating week for the silver market!

24 Hour Silver