May 2011 SILVER Futures $35.05

SILVER Futures
May 2011 35.058 

Lookin to takeout n breakout hi @ 36.74 on March 7.

See you at 50.

Silver Breakout

Silver is currently in a backwardation situation.
Whereas, the cash market and near month futures contract is priced at a premium to the further month contract, i.e. March @ $32.296 vs. May @ $32.285 per troy ounce.
This is an indication of tight physical supply.
This is usually a powerful bullish indicator.
Next stop $40.

American Eagle Palladium Bullion Coin

American Eagle Palladium Bullion Coin
A partial solution one panel member proposed to help alleviate the current American Silver Eagle crunch.
Face value of the one-ounce .9995 fine Palladium Eagles will be $25.
Palladium Bullion $758.10/ounce December 24, 2010.

First Majestic to List on the New York Stock Exchange

Pure silver play First Majestic Silver Corp. TSX:FR, NYSE:AG has been authorized for listing on the New York Stock Exchange ("NYSE") on December 15, 2010 under the trading symbol "AG". The Company will retain its primary listing on the Toronto Stock Exchange under the trading symbol "FR".
13.95 US.
Formerly First Silver Reserve.

Russia adding Canadian, Australian dollars, Gold

Alexei Ulyukayev, Deputy Chairman of the Russian Central Bank said Wednesday that Canadian dollars were added to it's international currency reserve.
Russia's Central Bank will also increase its gold reserve and add Australian Dollars to it's international currency basket to reduce dependence on the US Dollar.

Silver like a coiled spring

Silver is the only commodity that has not reached an all time high price in the last few years.
Gold is almost twice it's previous all time high of $850 in 1980.
Silver has been held down but it's like a coiled spring that is being over-tensioned.
When it snaps, look out.
I think Eric Sprott is the modern day Hunt Bros.
He recently started the Physical Silver Fund PSLV which buys physical silver not paper silver.

China to cut silver exports by 40%

China is the world's largest silver exporter.
There is a physical silver market shortage in the Far East.
Chinese investors are now hoarding silver.

Silver is taking off

Silver broke thru the $25 level and didn't even shrug.
There were tons of bids hit at that psychological level because it is a round number and is half of 50.
This market may be well on it's way to 50.
Short covering, asian physical demand, new investor demand.