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Silver Hits 23 Year High!
The price of silver shot to a 22-year high above $11 per ounce on Wednesday, as funds continued a recent buying spree on excitement over a proposed U.S. silver-backed security, trading sources said.
Gold raced to a seven-week peak on spillover interest from silver and other supportive factors, with the price holding just shy of last month's 25 year peak near $575 an ounce.
"Silver's still being driven by the expectations of the ETF (exchange-traded fund) and I think gold's more following," said David Rinehimer, head of futures research at Citigroup Global Markets in New York.
Spot silver bolted to $11.10/11.13 an ounce late in New York, versus Tuesday's late quote at $10.84/10.87. On Wednesday, London bullion dealers fixed the daily spot reference rate at $10.8750.
Fund buying took the price up 2.7 percent, helping silver surpassing a short-term technical of $11, on hopes that an ETF that is expected to boost consumer and speculative demand will launch soon.
Silver has risen almost 8 percent since last Tuesday when the U.S. Securities and Exchange Commission cleared the way for final approval of the first ETF to be backed by bullion.
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