Intraday Market Thoughts

Archived IMT (2009.05.11)

by Ashraf Laidi
May 11, 2009 18:32

Although gold and silver continue to move in tandem, silvers gains still outstrip gold in percentage terms as its up over 50-% from the Nov lows compared to 33% for gold. Silver hovers around $13.9, and is set to call up the $14.60 trend line resistance from the March low. This almost coincides with the 50% retracement of the decline from the Mar high. And the fact that silver is 33% below its all time high--compared to 13% for gold, further supports the case for silver on the heels of a quantitative easing and uncertain outlook for US banks


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