Silver Retraces Two Thirds Of Overnight Hit Job, Crude At Highest Since August 2008
And so once again rumors of silver's demise appear largely exaggerated: after plunging 15% last night, getting all the top callers to once again proclaim victory after having been wrong for the good part of about one decade, silver has since retraced a key Fib level and has now recovered over two thirds of the drop. At this rate, at least a few more margin hikes will be desperately needed today to throw all available speed bumps in the path of the unstoppable metal. In the meantime as expected last night's forced plunge was a gift for anyone who bought at $42 and has made over 10% already. Elsewhere, crude is approaching $115, after hitting $110 overnight. It is now at the highest price it has been since August 2008, and guaranteeing $5 gas by the summer. So much for the bin Laden inverse rally in commodities.
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