SILVER

FUNDAMENTALS

Silver also closed off the highs on Wednesday as correction in crude oil pressured the prices to pare some of the earlier gains. Weaker dollar however helped support the metal to close the session in a positive column. Silver for December delivery at Comex added 9.2 cents to close the session at $13.75 an ounce. The contract traded in the range of $13.61-13.915 an ounce.

Silver production by Endeavour Silver Corp. was up sharply in Q3, 2007, to 577,384 ounces of silver setting a new record for quarterly silver production from the Company’s two operating mines in Mexico. Silver production was 34% higher than Q2, 2007 and jumped 74% compared to Q3, 2006.

Clearing statistics for silver were lower in September according to LBMA. The number of ounces cleared fell 10.5% to a daily average of 108.1 million. In value terms it fell from a daily average of $1.49 billion to $1.39 billion.

TECHNICALS

Doji formation of candlestick shows indecision in the market. The prices closed above short and medium term EMAs, which supports bulls. MACD is running flat in positive region. RSI is also supporting bulls in normal region. The prices are likely to see volatile movements with positive bias.

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