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Richard Hastings Opalesque Industry Update - On Tuesday, derivatives marketplace the CME Group announced that April 25th (Monday), had seen record volumes in the market's COMEX Silver futures as well as in open interest of Silver options. A statement from the firm detailed that, "trading of Silver futures reached 319,204 contracts, surpassing the prior record of 201,216 contracts set on November 9, 2010. At the same time, open interest in Silver options reached a new record of 240,344 contracts. The prior record of 235,992 contracts was set on April 21, 2011." April in particular has seen rapid growth in Silver futures. The week prior saw silver speculation reach across the hedge fund industry with Bank of America reporting expectations that the metal would soon re-challenge its previous $50 high, and then move on from there toward $80. The largest silver ETF ( iShares Silver Trust) dropped 4% at the end of Tuesday, as speculators took profits off. A report from MarketWatch cited Richard Hastings, a market strategist at Global Hunter Securities who said, “We believe the metals bull is healthy, with silver fully capable of lighting up the big 5-0 ($50).” kb |
Industry Updates
CME Group announces new volume records in silver futures and silver options open interest as metal approaches $50
Wednesday, April 27, 2011
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