Silver still becomes high commodity today. Today, the price of silver appears on course to hit $50 a troy ounce or more. Silver has been the star of 2011.
Reported, the front-month silver contract surged 7.6% last week to settle at $40.60 on the Comex division of the New York Mercantile Exchange and closing in $48.70. The settlement record set in 1980, back when the Hunt brothers were trying to corner the market. For this year, it has surged 31% so far.
Meanwhile, gold futures rallied 3.2% over the week to $1,473.40 and set four consecutive settlement records, including one Friday. But they're up a relatively mild 3.7% so far in 2011, according to latest report.
So, we can say that the gold-to-silver ratio, which is closely watched by analysts and shows how the two prices compare, slid below 1-to-37 last week, a level not seen since 1983. Analysts at Royal Bank of Scotland urged caution, due to the silver market's current ‘hefty surplus’.
The overall available inventory of silver could be as high as 31,000 tons or more, the equivalent to more than one year's global demand for fabrication, according to Royal bank of Scotaland. Keep on eye for updated info about silver price!
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