Silver prices are unchanged on a day to day basis at $30.74 an ounce (March contract).
Looking at the charts we see that long positions are preferred above 30.5 with 31.26 & 31.5 as next targets. The RSI has just landed on a support around 30% and is reversing up. However, the downside penetration of 30.5 will call for 30.3 & 30.11.
Silver prices surged 80% in 2010 as investors piled into the metal sometimes referred to as the "poor man's gold."
Silver benefits from safe haven demand as well as improving industrial demand as the metal is used in a variety of "stuff" from iPads to solar panels to cars. Silver prices, which are more volatile than gold, saw a slight dip lower.
Investment demand is still the dominant driver for higher metal prices. The popular gold ETF, SPDR Gold Shares(GLD_), added 168.8 tons for the year while the silver ETF iShares Silver Trust(SLV_) added 1428.6 tons.
Gold for February delivery added $1.50 to $1,422.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,424.40 and as low as $1,414.50 during Monday's sessio
In related news Fresnillo, the Mexican silver miner, has jumped 85p to £17.53 on revived talk that billionaire Carlos Slim might be taking a look at the company.
The tale comes courtesy of the KingWorld News blog, but it is worth mentioning that the suggestion of interest in Fresnillo by Slim - said to be the richest individual in the world thanks to his telecoms and cement empire - has been kicking around for several months now.
