Silver Price nearly hits $50 on Monday
Apr 25, 2011
NEW YORK (CNNMoney) -- Silver prices have doubled during the past six months, and are now within spitting distance of $50 an ounce, a key level for the precious metal.
Early Monday morning, silver prices surged 8% to $49.82 an ounce. That was just shy of the $50.35-an-ounce intraday record hit in January 1980, but higher than the all-time high closing price of $48.70 per ounce set 31 years ago.
I speculated last week that the successful overthrow of Mystery Babylon might be foreshadowed by $50 silver, since Medo-Persia is biblically described as "arms of silver."
On Monday silver shot up 8% to $49.82 before dropping back. It is now holding at $47.
When it closes the day past the $50 mark, it will most likely be a very important indicator that we will mark on our calendars. It is interesting that on the Monday after the wave-sheaf offering this year, the price came within a whisker of $50. It may be that the Babylonians will renew their fight to keep it under $50 for the next month, and that it will pass that threshold at the time of the Second Passover next month.
It was reported last December that $50 silver would cost JP Morgan $4 billion. The price has virtually doubled in the past 6 months, making it one of the best investments of the year so far.