Silver trades at $50 an ounce for the first time

Spot silver reached the $50 level for the first time. The high price just traded at $50.03. It is currently trading at $49.94.

The upward move took out the 2011 high, which my chart showed at $49.83. There is some uncertainty regarding this high, but with the current high of $50.01, it will replace the uncertainty of 2011.

Gold, meanwhile, is trading up $1.50 at $4,042. It has been making new highs – with a few days of correction interspersed – since September 2, when it surpassed the April 22 peak at $3,500. The high price reached $4,046.71 today. Yesterday, the new all-time high price stopped at $4,059.31.