Silver Tracks Gold

Notable Quotes

"NG could be quite rewarding to a patient resource investor." (2/6/12) NovaGold Resources Inc. - The Gold Report Interview with Byron King More >

"RV has multiple catalysts from a diversified asset base." (2/3/12) Revolution Resources Corp. - The Gold Report Interview with Joe Mazumdar More >

"Tests indicated NGC's jumbo flake is superior to Chinese graphite." (2/2/12) Northern Graphite Corporation - Morning Coffee More >

"LMA has a strong growth profile." (2/1/12) La Mancha Resources Inc. - Nicholas Campbell, Canaccord Genuity More >

"SVL is in a position to power much higher." (2/1/12) SilverCrest Mines Inc. - Clive Maund, Clive Maund gold, silver, & oil shares More >

"CNL continue to return robust average gold grades." (2/2/12) Continental Gold Ltd. - Jamie Spratt, Clarus Securities More >

"It is a critical year for ORV." (2/3/12) Orvana Minerals Corp. - The Gold Report Interview with Joe Mazumdar More >

"LMA has released excellent exploration drill results from two properties." (2/1/12) La Mancha Resources Inc. - Adam Lucas, Ocean Equities More >

↓ COMMENT
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Source: Commodity Online��(6/18/10)

"Silver took cues from gold, rather from base metals."

Silver responded fairly well after a rise in gold prices. Silver for July delivery rose 1.82% to close higher at $18.78/oz on Comex.

Silver is more volatile than gold. Weak dollar on reports of negative jobless data and falling manufacturing activities imparted gains in the precious metals' segment.

Equities remained mixed with marginal gains posted by the benchmark MSCI world index for stocks.

Silver took cues from gold, rather from base metals. Base metals were down 2.5% on LME. There was no change in iShares' silver holdings.

MCX silver ended nearly 1% higher at Rs. 29,489/kg, tracking international silver prices which were driven by higher bullion prices and weak dollar.

Outlook

Silver is trading at $18.74/oz. on Comex's electronic session during Asian hours, while the dollar index is also down. Asian equities turned positive after some losses in opening session, which may now impart some gains in silver as well. Silver may track gains in gold and trade higher.

There are no major economic triggers for the day and hence, silver may take cues from broad market direction. MCX silver may open on lower note as the rupee appreciated in its opening.