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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: The U.S. Dollar has broken critical support at 78. Next stop is 76.
The U.S. Dollar has broken critical support at 78. Next stop is 76.
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In response, gold has broken $1000 (again), while silver is up over 50 cents already in Asia.
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The initial buying appears to be out of either Hong Kong, or New York Globex, the after hours ACCESS market. Gold will run from here as the
commercials panic to cover their shorts. The next bit of resistance is about 1030. I'd put up the silver chart as well, but it's virtually identical to the
gold chart, up 52 cents already. While gold is beginning to challenge new highs, silver is still $5 per ounce under the peak established in March 2008.
This is curious to say the least, as silver is far scarcer than gold, except in the world of derivatives which defines the spot price. So the price above is still a paper price and understates the true state of the market.
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