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Mid-Session Silver Market Report for 5/12/2008

The silver market initially chopped around both sides of unchanged with what seemed to be a slight interest in the downside early in the session. However, seeing the Dollar reverse course, oil prices rebounding and copper trading as much as 7 cents above their early lows, seemed to give the silver bulls some fresh confidence. However, with crude oil prices still weaker on the day and the US Dollar holding just barely below unchanged into mid session, the bull camp certainly didn't have a dominating case. However, positive action in the US equity market and favorable leadership from the copper market apparently allowed silver to reach up to the highest level since April 24th in the trade this morning.




 
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