Yet another 52-week High for the iShares Silver Trust (SLV)

The iShares Silver Trust (ETF) (NYSE:SLV) hit a new 52-week high on Friday, spiking at $20.42 a share, that makes it a 15% gain for the fund since Aug 23rd.

It was an amazing week for silver, Friday silver ended up 4.5 cents to $20.816 an ounce on the Comex in New York. The closing price was the highest since October 16, 1980.

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Silver may rally another 15% in the next few weeks to $24 an ounce, which would be the highest price in 30 years, according to technical analysis by Gold Arrow Capital Management. 

The iShares Silver Trust (SLV) is a grantor trust. The purpose of the Trust is to own silver transferred to the Trust in exchange for shares issued by the Trust (iShares). The objective of the Trust is for the value of the iShares to reflect, at any given time, the price of silver owned by the Trust at that time less the Trust’s expenses and liabilities.

SOURCE: http://www.bloomberg.com/news/2010-09-17/silver-may-move-quickly-rally-1...