Breaking news – silver has blasted right through $48 and on to $49, and is now making a mad dash for new all-time highs, currently trading at $49.60 and rising fast! China has announced its intentions to cut two-thirds of its $3 Trillion US holdings, and open new sovereign funds to invest in gold and oil. This news set off a buying spree in the gold and silver markets.
Update – Bounced off $49.85 and pulled back sharply. The rumor is this major spike was stop-loss driven, forcing shorts to buy and cover leading to a rapid spike in price. This market is trading wildly today, and it has only just begun.