Silver Flirts With $50
Author: Matt Whittaker</br></br>NEW YORK--Silver prices soared toward $50 an ounce, though they pulled back sharply toward the end of the day, sparking some speculation that the metal's stunning three-month rally may be nearing an end.</br></br>At one point during the day, silver futures were up 8.2% at $49.82 an ounce. They closed at $47.1510, still the highest in 31 years. Prices have jumped 52% this year, and the intraday high exceeded the nominal closing record of $48.70 set back in 1980. The failure to reach $50 an ounce is one sign that the rally may be losing steam.</br></br>"The way we've come off, there's a possibility we've seen a high for the near term," said Frank Lesh, a broker and futures analyst with FuturePath Trading.</br></br>Silver is riding on the coattails of gold, as investors have flocked to precious metals due to their safe-haven status amid a weakening dollar. Silver's gains have recently outpaced those of gold futures, which on Monday settled 0.4% higher at a new record of $1,508.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold is up 6% year-to-date.