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Hedge funds take gains off silver surge

Monday, May 02, 2011
Opalesque Industry Update – Hedge funds took gains in silver, “noticeably selling off” the metal during last week, reports Bank of America Merrill Lynch. The bank expects silver to consolidate in the near term, as it hovers around its all time high, and should not fall below $30. Long term, the bank continues to expect it to re-challenge $50 and then move up towards $80.

The Globe and Mail reported that Eric Sprott’s hedge funds sold off $34m worth of silver from within the Sprott Physical Silver Trust.

Late last week, speculation in the silver markets led CME Group to announce that the market’s COMEX Silver futures had seen record volumes, surpassing the previous highs of November 2010.

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