Silver near two-month high

Purchasing staff -- Purchasing, 2/14/2005 9:02:00 AM

Silver prices surged to a two-month high late last week, as the dollar started to fall and investment funds switched back into the precious metal. At the Commodity Exchange (Comex) division of the New York Mercantile Exchange, silver for March delivery increased a total of 62¢/ounce Thursday and Friday to settle at week’s end at $7.21. This is very close to the latest recent price peak of $7.24 on Dec. 8. Precious metals silver (and gold) started rallying last week as speculators began calculating that the U.S. trade deficit would weigh on the dollar. A weaker greenback makes dollar-priced metals like silver and gold especially more affordable for non-U.S. buyers. "With the dollar on a weaker footing, it seems silver could extend its gains in the coming sessions," says James Moore of TheBullionDesk.com. However, Moore sees commodity market resistance somewhere between $7.25 and $7.40. Analysts recently forecast in a Reuters News Service poll that silver would average $6.50/ounce this year, up 3.3% from $6.29 in 2004.

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