That comment came with an assessment of the latest Commitment of Traders report, which shows that 650.7 metric tons were added by longs — the largest increase since August — next to 361.4 metric tons added to shorts — the strongest increase since June.
After 151.7 metric tons were dropped from silver ETFs two weeks ago and only 8 metric tons were added back last week, Standard Bank also said “this marginal move seems devoid of confidence.”
An indecisive, back-and-forth market is widely expected until participants are graced with either news of a notable development or resolution to the fiscal cliff drama.
However, many people are looking ahead to the Federal Reserve's final Federal Open Market Committee meeting for the year, which is scheduled for December 10 to 11. Of particular interest is whether the Fed will introduce new programs or expand current initiatives, such as Operation Twist, which is set to conclude at the end of the 2012. This event could produce volatility, so silver players should prepare for that action.
On Thursday, March silver on the COMEX was at $33.03, up $0.07 following the close of floor trading. New York spot prices were last $33.03, with gains of $0.12.
Silver bulls' next breakout price objective is pushing through the solid technical resistance of the November high of $34.49. Bears' breakout objective is to beat silver below solid technical support at $32.50.
McEwen Mining (NYSE:MUX,TSX:MUX) announced that its rights offering, which closed on December 4, was fully subscribed for, with proceeds of $60.4 million. As a result, 19,051,679 common shares and 7,798,762 exchangeable shares will be issued, representing 10 percent of the company's issued and outstanding shares.
El Tigre Silver (TSXV:ELS,OTCQX:EGRTF) will be applying to the TSX Venture Exchange for approval of the extension of the expiry date of 2,144,000 common share purchase warrants that were "issued on June 25, 2012 and July 25, 2012 from December 25, 2013 and January 25, 2014, respectively, to July 25, 2014."