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4/9/11

Silver Could Rise Well Above $50 To Even $100 As Physical Demand Grows?

We recommended silver Nov. 11, 2010 at $27.16.  In just 4 months, as predicted  then, silver has risen  almost 50% to over $40 an ounce– beating by a wide margin the  % advance  in gold prices.

This morning my  silver guru, young Ananthan Thangavel of Lakshmi Capital in California says he is looking for another 25%   run to $50 an ounce in the next year as “silver is being taken  out of world supply by physical buyers and the tremendous  growth of the silver ETFs.”  The largest silver ETF, iShares Silver Trust(SLV) has grown from  a modest  $263.5 million in assets to $13.7 billion in assets 2 days ago.
Thangavel also believes currency  interventions, such as the G7 is doing on the yen or Brazil on the real “continue to lower confidence in paper currencies.”
By comparison the speculation in silver futures has declined to 35% of its all-time peak set on September 28, 2010, The short  interest held by large banks, rumored to be JP Morgan Chase and HSBC, has been steadily reduced since November.
Nevertheless,  Thangavel  suggests that   $100 an ounce for silver is “not out of the question,” if the physical demand for  the metals used in  many industrial applications, continues to grow.
source: forbes.com

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