Mondays Wall St close saw shares in silver miners gaining on the back of a firmer market for the metal
with May silver closing at $18.12 an oz.
Silver Wheaton Corp (SLW:NYSE) was the exception down by 17cents and Coeur d´Alene Mines (CDE:NYSE) falling back to its opening price of $3.94 after hitting over $4 in earlier trading.
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Lets start this off with an intriguing question.
The research consultancy CPM tells us that in 1990 above ground stockpiles of silver amounted to over 2 billion ounces, that this had dropped to 1.4 billion ounces just 5 years later, and by the end of 2006 they estimated the stock pile to be only around 300 million ounces.
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Part One
Silver has enjoyed a good run over the last 12-18 months.
In August 2006 it hit a 23 year high at $12 an ounce and since then has see sawed around this mark to reach over $14 by this weekend.
The question is when can we expect the price to break out either to the upside or downside.
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