Silver Futures Rally as Investors Return

Source: Bloomberg, Kim Kyoungwha and Nicholas Larkin (5/9/11)

"Silver futures rebounded from the worst weekly slump since 1975."

Bloomberg, Kim Kyoungwha and Nicholas Larkin

Silver futures rebounded from the worst weekly slump since at least 1975 and gold gained on speculation investors will return to commodity markets after concerns over the global recovery eased and the dollar weakened.

The Standard & Poor's GSCI Index of 24 commodities declined 11% last week, the most since December 2008, led by the 27% tumble in silver futures. The dollar fell as much as 0.5% against six major currencies today. Precious metals typically move inversely to the greenback.

"Gold and silver may regain strength as traders perceive last week's commodities washout to be excessive and it isn't viewed as a trend reversal," said Park Jong Beom, Seoul-based trader with Tongyang Futures Co. "There's no change in the outlook for a weaker dollar as well."

Silver for July delivery gained as much as $2.688, or 7.6%, to $37.975 an ounce and traded at $37.165 by 7:59 a.m. on the Comex in New York, while the metal for immediate delivery climbed 4.5% to $37.225 an ounce.

Silver futures dropped as much as 34% from a 30-year high of $49.845 an ounce set April 25 after Comex owner CME Group Inc. (CME) announced an 84% rise in margin requirements. A bear market is defined by some investors as a decline of 20% or more. Silver spot prices climbed to a record $49.79 on April 25.

Gold for June delivery rose $13, or 0.9%, to $1,504.60 an ounce on the Comex after last week slipping 4.2%, the most in almost a year. The metal reached a record $1,577.40 on May 2. Immediate-delivery bullion increased 0.6% to $1,504.70.

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