As we can see from the above chart Silver is moving up well making steady progress over the last two months. We may be premature but it looks to us that both the 50dma and 200dma are set to move up in parallel supporting future silver prices.

The strength of the USD has been buoyed by the plight of the Euro which is still decidedly sick as Greece nears the ‘rollover’ period of its unwanted debt. A stronger dollar has put a cap on gold prices however, both gold and silver appear to be ignoring the USD at the moment. The time is fast approaching when both silver and gold prices will decouple from the dollar and go their own way.

Also note that oil prices are still creeping higher and currently stand at $85.78 a barrel with the $100/bl price tag rapidly coming into focus adding to inflationary fears, not good for us, but good for silver and gold prices.

For those of you who are following our options trade, we had more good fortune in todays trading session in NYC where we hold Call Options on Silver Wheaton Corporation (SLW) and they are the JUNE 2010 series at a strike price of $15.00 and $16.00, for which we paid a price of $2.02 and $1.60 respectively per contract.

As of today they closed in NYC at $2.69 and $2.01 respectively allowing us a small smile.

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