Precious Metals : Silver set to test recent highs

The chart below is a relative strength comparative of Copper, Gold(LLG), Silver (LLS), Platinum (XPTUSD) and Palladium(XPDUSD). What it shows us is Silver is flying, and in our view will break out to a new high very soon indeed. The previous high was 31.23, and when (not if) it is taken out, the immediate target will 32.40 or so. On a longer term basis we expect Silver to rally to as high as US$ 50 within a year or so, albeit not any time soon. For the near term the 33.2 to 34.3 range is already a lofty target, but realistic.

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