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Ongoing Dollar Devastation Sends Silver Above $31, Only $18.45 From Hunt Brother High

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Tyler Durden
Zero Hedge
Thursday, February 17, 2011

It is good to see that things are back to normal. The now irrelevant, and very soon to be former reserve currency is getting pummeled as stocks go up on 410,000 initial jobless claims nearly 2 years after the end of the recession (and $3 trillion pumped into this hollow scam of an economy), and a guaranteed plunge in margins, but more importantly the Precious Metal complex is back to being a high beta alternative to stocks. Silver just passed $31.10 and is set to close at its post Hunt-Brother highs. In the meantime, the highest intraday price since the early 80’s is $31.2375 from January 3: we are less than two dimes away.

But fear not: the January 1980 high was $49.45. We have only $18.45 to go in nominal terms before this is taken out. At the current rate of dollar devastation we give it a few months.

This article was posted: Thursday, February 17, 2011 at 10:39 am

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