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Silver Ready to Get With it?
November 18, 2009

Silver is trading at $18.66 a troy ounce as the work day begins. The question on many minds is can it go much higher?

Unlike gold, silver is nowhere near the old $50 record high set back in 1980. Nor is it near the $24 area that it traded in during the spring of 2008.

I did a story for Numismatic News last week where a couple of market makers in precious metals told me that their was upward resistance at the $18 because so many bought in in 2008 at that level after it had traded as high as the $24 area.

These buyers were apparently thinking at the time that they were getting a deal during a correction.

This year, according to the dealers, they are relieved to be getting out even after holding for a year and a half through a correction that had halved silver’s price from the 2008 peak.

It is also expected that once these nervous sellers clear out, then silver will be ready to pop even higher because of increasing demand for industrial uses and a hardier group of owners who expect silver will do some catching up relative to gold.

I will be keenly watching market action to see if we are reaching that breakthrough moment.

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About the Author
David C. Harper has been a coin collector since 1963. He joined the Krause Publications editorial staff in 1978 and is currently editor of Numismatic News and World Coin News. He also edits two books annually, North American Coins & Prices and Coin Digest. He is the author of the Class of '63 column that runs each week in Numismatic News. His first bylined numismatic article appeared in the June 1971 issue of Coins Magazine and his various Krause Publications assignments included a stint as editor of the magazine 1980-1983. Harper received a bachelor of science degree from the University of Wisconsin-Oshkosh in 1977. He had a double major of journalism and economics.

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