Silver prices remained steady over the week, strengthened by the news that the Gr
overnment, in need of $14.5 billion to make bond payments on March 20, was able to reach a deal approving austerity measures.
"Most markets are still overextended and may be entering a 'buy the rumor, sell the news' type of mode now that the Greek issue is entering its final stages," said Edward Meir, metals analyst at
According to an Australian media source, money managers in gold, silver, and copper futures and options raised their
net long positions
in the week of February 7 as investor interest in the three major metals continued to recover after a recent disappointing performance.
at $33.42 per ounce, while prices for March delivery edged up 16 cents, or 0.48 percent to $33.54 an ounce.
Against the norm
It was interesting to note that while the number of firms that are raising
and silver price forecasts has recently trailed off, one of the majors commented that it was hiking its estimate.
increased its 2012 estimate to $37.50 from $36.75, and in 2013 to $52.00 from $49.75 per ounce. Over the four quarters of 2012, the firm predicted silver will average $31.90, $34.95, $39.30, and $43.80, respectively.
As reported by IBTimes, BNP analyst Anne-Laure Tremblay
“Silver tends to be driven by two main factors: the gold price and risk appetite.”
“When both show a positive momentum, silver tends to outperform gold," she continued. "Looking ahead, the gold/silver ratio could see further episodes of decline but given our central scenario for further limited and episodic bouts of risk aversion, we expect the gold/silver ratio to remain on the whole stable in the first half of 2012 from its current level."
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Updates with exact steps to take - BUY, HOLD, SELL
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
- Model Portfolio
- Intra Day Trade alerts
- Access to Quant Ratings
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- Actionable options commentary and news
- Real-time trading community