Silver Price Nears $50, Then Tumbles to $46

SILVER PRICE NEWS – The silver price continued its near-parabolic advance Monday, reaching an intra-day high of $49.82 per ounce in overnight trading.  In doing so the price of silver climbed to yet another new 31-year high. Moreover, the silver price soared to within 1% of its all-time record high of $50.35, reached in January 1980 as the Hunt Brothers attempted to corner the silver market.

However, as morning trading progressed the silver price tumbled as traders liquidated positions.  The price of silver briefly turned negative, reaching $45.80 per ounce, before rebounding toward $47.25 this afternoon.  The iShares Silver Trust (SLV), the largest silver ETF and a proxy for the silver price, was higher by $0.56, or 1.2%, at $46.10 per share.

At its intra-day and 31-year high of $49.82, the silver price had posted a year-to-date return of 61.0%, dwarfing the returns of most commodities and equity indices thus far in 2011.

Silver stocks moved lower as the silver price relinquished its gains on Monday, with the Global X Silver Miners ETF (SIL) falling $0.71, or 2.4%, to $28.77 per share.  Notable decliners included Coeur d’Alene Mines (CDE), Silver Standard Resources (SSRI), and Silver Wheaton (SLW).  In afternoon trading, CDE, SSRI, and SLW dropped 4.3%, 0.6%, and 2.8%, respectively.

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