silver price forecast for september 2011

silver price forecast for september 2011 , silver prices predictions : After a 3 month lull, MCX Silver recently broke away from the strong resistance of Rs 62400, thus providing a stage for a strong uptrend. Growing investor interest in the metal after its 3 month strong consolidation and the worsening financial turmoil is set to propel silver prices further up.



Silver started Monday's session with a gain of 34 cents, at the $43.24 per ounce bid mark. The CFTC positioning data shows a hefty decline in silver speculative shorts and a concurrent rise in longs. While the shift in positioning apparently reflects some growth of confidence in the prospects of price gains to come in the white metal, the Standard Bank analysts caution that, it too, remains vulnerable to sell-offs and that its upside is "capped." One item to watch as relates to silver's vulnerability to a sell-off is the continuing ebbing of ETF-based intake of bars.



Last week more than 51 tonnes of silver flowed out of that investment sector and its cumulative holdings now stand at 14,387 tonnes; still down by nearly 1,200 tonnes on the year during which the half-century price mark was once again revisited after 31 long years. As noted in Friday's Elliott Wave short-term update, the white metal faces an area of "substantial resistance" that extends from $43.19 up to as high as $46.14 the ounce.



The markets' focus now shifts to Mr. Bernanke and the speech he will deliver on Friday morning from Jackson Hole Wyo. Ask the same markets and it would appear that they have already baked in the sweetness of the gift of a QE3.0 into the dough. "The bond market already is pricing in an expectation that the Fed will announce new purchases of $500 billion to $600 billion," Barclays Capital analyst Anshul Pradhan said in an Aug. 12 report, according to Bloomberg News.



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