Silver - the new gold

SLV was up 4.5% today to $153. And why not? Oil set a new record on the high side. The dollar set a new record on the low side. Wall St is still on some delusional high and pumping up equities while banks announce losses by the billions. Inflation is rampant and uncertainty is high. In times like these, metals is the place to be.

Silver has lagged gold for the past couple of years which really made no sense. Gold while historically the vehicle by which to hedge against inflation is not all that useful. Chinese and Indians have been buying it up for jewelry purposes. Yet Silver has been ignored. Until recently. And if you look at recent charts for GLD and SLV you'll see the tortoise is catching up to the hare.

I had a sell order for $155 but canceled it this morning. The way things are going $165 even $170 is realistic before the end of the month. That's when I will take the most excellent profits.