ed steer tries to make sense of yesterday's strength in the silver market:

Silver was the star of the day. It began rising at the same time as gold did in Hong Kong... shortly after Sydney closed. Silver rose steadily throughout the rest of Hong Kong trading and into the London open. There was a big spike up [about 20 cents] going into the London silver fix at noon their time. That turned out to be the high of the day, as silver got sold off until the London p.m. gold fix. Then a rally ensued that ended the moment London closed for the day. And from there it traded sideways until the close of New York trading at 5:15 p.m. Eastern Daylight Time.



Needless to say, I spent a fair amount of time on the phone with Ted Butler yesterday. He figures that the bullion banks may be trying to get the silver price to rise without setting off buying by the technical funds. That's why silver's peak price on Thursday occurred in overseas trading... before the Comex open, so the tech funds in New York couldn't [and wouldn't] react. It will be interesting to see how this scenario unfolds over the next few trading days... especially today.