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March 02, 2006 

Silver blows through the $10 mark today

As of this writing, silver has blasted through the $10 mark and is currently at $10.22. I believe the sudden shift is closely related to the miners strike in Mexico, now in its second day. Copper, as an example of another important industrial metal, has been rising in price as a direct consequence of this strike as refineries are being crippled by it. Whether this price rise is only temporary for the duration of the strike is anybody's guess, but with the recent trends in silver and gold both I'm expecting higher prices after a pullback to coincide with a resolution of the strike. Silver is hot right now, and a mining strike cutting metals supplies only goes to reinforce the necessity of it in industry. I expect demand to rise as industries act to compensate for a temporary restrictions in supply.


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