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Precious Metal Silver Exploding Up In Price! Why?
Silver futures closed at a fresh 22-year high Friday, up more than 4% for the week with the gains tied to expectations that an exchange-traded fund based on the metal will soon be launched.
The May contract for silver closed at $10.235 an ounce on the New York Mercantile Exchange, up 2.7 cents, following an earlier rise to $10.31, a level not seen since at least 1984.
The contract climbed by more than 4% on Thursday as traders bet that the silver ETF in registration from Barclays Global Investors may soon begin trading. Silver's prices closed last Friday at $9.825 an ounce.
"Conditions are set to remain volatile in silver for some time to come as traders await the SEC's decision on Barclay's ETF application," said James Moore, an analyst at TheBullionDesk.com in London.
But "a positive outcome and subsequent launch is likely to generate plenty of upside with $12.50 remaining my price target," he said.
Although there was no official confirmation that the ETF has gained regulatory approval, the Securities and Exchange Commission recently closed a 21-day public comment period on the fund.
Lance Berg, a spokesman for Barclays Global Investors, said Friday he was unable to comment on the iShares Silver Trust, which is still subject to an SEC-imposed quiet period.
Analysts said silver's rise may reflect buying on speculation the silver ETF would soon get the green light. Gold experienced a similar pop in the weeks leading up to the launch of StreetTracks Gold Trust.
"The 130 million ounces of silver needed for the launch of securitized silver are not going to be easy to come by, nor will they leave much available for investors who have been just starting to chase after the white metal as soon as gold reached new highs," according to Jon Nadler, an investment products analyst at bullion dealers Kitco.com.
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