Silver futures posted the longest rally in 45 years on as demand for the haven asset increased, despite concerns the global economy will falter. The US home builder and New York manufacturing data traced postulations by analysts.
The Bank of Japan hyped lending programs while retaining its plan for unprecedented asset purchases to assist a recovery. Commodities advanced to the highest peak in almost five months. Silver profited 13% this year as demand for coins and jewelry moved. Holdings in exchanged-traded products supported by the metal went up last year as the spot price slipped 36%, the most since 1981, amidst a US equity rally. Spot gold gained 9.6% this year, while the dollar fell versus a basket of 10 key currencies.
Silver to be delivered immediately increased 1.1% to set at $21.9348 per ounce at 5:00 p.m. (New York time). The price advanced for the 13th straight session, the longest run since 1968. Yesterday, the metal touched a nine-week peak of $21.9791.
On February 14, silver ended over the 200-day moving for the first time in a year. Silver futures to be delivered in March went up 2.2% at $21.898 on the Comex in New York. Trading more than doubled against the average in the last 100 days. The exchange floor was shut yesterday for a public holiday.
In the week ended February 11, hedge funds became bullish on silver with the net-long positions at 7,675 futures and options contracts, as compared to 353 contracts in bearish goes a week earlier, government report showed on February 14.
Analysts including Morgan Stanley and Goldman Sachs Groups Inc. forecast a slump in silver and gold this year. On Jan. 22, Morgan Stanley cut its 2014 forecast and predicted “more pain to come” for gold investors as investors shifted to equities.
The material has been provided by InstaForex Company – www.instaforex.com
Silver futures posted the longest rally in 45 years on as demand for the haven asset increased, despite concerns the global economy will falter. The US home builder and New York manufacturing data traced postulations by analysts.
The Bank of Japan hyped lending programs while retaining its plan for unprecedented asset purchases to assist a recovery. Commodities advanced to the highest peak in almost five months. Silver profited 13% this year as demand for coins and jewelry moved. Holdings in exchanged-traded products supported by the metal went up last year as the spot price slipped 36%, the most since 1981, amidst a US equity rally. Spot gold gained 9.6% this year, while the dollar fell versus a basket of 10 key currencies.
Silver to be delivered immediately increased 1.1% to set at $21.9348 per ounce at 5:00 p.m. (New York time). The price advanced for the 13th straight session, the longest run since 1968. Yesterday, the metal touched a nine-week peak of $21.9791.
On February 14, silver ended over the 200-day moving for the first time in a year. Silver futures to be delivered in March went up 2.2% at $21.898 on the Comex in New York. Trading more than doubled against the average in the last 100 days. The exchange floor was shut yesterday for a public holiday.
In the week ended February 11, hedge funds became bullish on silver with the net-long positions at 7,675 futures and options contracts, as compared to 353 contracts in bearish goes a week earlier, government report showed on February 14.
Analysts including Morgan Stanley and Goldman Sachs Groups Inc. forecast a slump in silver and gold this year. On Jan. 22, Morgan Stanley cut its 2014 forecast and predicted “more pain to come” for gold investors as investors shifted to equities.
The material has been provided by InstaForex Company – www.instaforex.com
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