Silver looks ready to rip

[Magna]

Or at least that's the title of an article yesterday in the Business section of The Australian which is associated with the Wall Street Journal (see link below). This is the opening portion of their commentary:

"BNP Paribas obviously thinks the price of silver is about to go on a tear."

"It has agreed to pay $US20.58 an ounce for 680,000 ounces of the white metal to be delivered from December through to June 2012. That compares with a closing price on Friday in New York of $US20.79/oz (although intraday it poked its head above $US21/oz)"

More...


And for those who've never heard of BNP Paribas this is from Wikipedia: "BNP Paribas (Euronext: BNP) is one of the largest global banking groups in the world, headquartered in Paris with its second global headquarters in London. In 2010 it was ranked by Forbes as the largest company in the world by assets with over $2.95 trillion."

 

[MohdSalleh]

Yes of course we know who's BNP Paribas. Do you think ET-ers are morons?

 

[Hook N. Sinker]

Maybe silver prices are beginning a long term upward trend.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2960097 \img>

 

[Hook N. Sinker]

Daily silver futures price graph, December 2010 contract.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2960099 \img>

 

[peilthetraveler]

680k ounces or 28 metric tons of silver. This is almost as much silver as the conquistadors used to send to spain/france when they first came to America in the 15th century. (they used to send ships carrying 20-40 tons of silver with each trip)

Kind of funny how history repeats itself and another 28 tons of silver is going to france some 500 years later.