Silver is really moving up about 50 cent in 13 minutes. I wont be surprised if we see $43-$45 by Friday.
Even I find this increase somewhat surprising after last week's run. I expected some profit taking after such gains, but I do think we'll see resistance at $40/$1600 since they are both psychological numbers. I don't think that they will be difficult to overcome though since it seems the current climate is based on European contagion risk as well as an inevitable Moody's downgrade of US debt regardless of the debt ceiling result.
