By Eric McWhinnie
July 06 2011
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The Dow (NYSE:DIA) and S&P 500 (NYSE:SPY) decided to take a breather Tuesday and pass the rally baton onto oil (NYSE:USO), gold (NYSE:GLD) and silver (NYSE:SLV).
Despite added supply, oil continues to climb higher. ?Although oil has been trending higher, oil prices may have received an additional boost from Barclays Capital increasing its 2012 price forecast for Brent oil by $10 to $115. ?Barclays also upgraded its U.S. crude price by $4 to $110. ?Oil plays such as Chevron Corp (NYSE:CVX) and Marathon Oil (NYSE:MRO) both closed higher, as Exxon (NYSE:XOM) fell on worries of a messy cleanup in the Yellowstone River.
Although gold showed real signs of strength as it closed above $1500 again, silver was the real winner of the day. ?Silver closed above $35, and broke through some short-term resistance levels. ?Precious Metal Newsletter favorites Endeavour Silver (AMEX:EXK) and First Majestic (NYSE:AG) both screamed higher, 11.83% and 8.78% respectively. ?The chart below shows the significance of silver?s rise in the short-term. ?Silver looks poised to form a base around $35, and continue higher after summer. ? Although silver had a strong rally Tuesday, we must keep in mind that historically, the seasonality effect on precious metals still has some time left on the table.
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Disclosure: Long AGQ.
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