Silver ... continues to eye upside resistance pegged at $10.50 as ETF [exchange-traded funds] speculation continues.

Exchange-traded funds provide easy access to hedging against the weaker dollar. The whole precious metal complex is going up, with silver leading the pack.

Silver has new sponsorship. We are starting to see new funds coming into silver. Part of it has to do with the fact that a lot of traders who follow gold and silver think the silver/gold ratio was out of kilter.

If you're looking for a silver lining to a dark cloud, that would be it, ... I wasn't traded for a bag of pucks. It helps your confidence to know that you are being traded for quality hockey players. It's been interesting. I've been moved around quite a bit, always in big trades. Most times, the reasons were economic ones.

The stock exchange is asking them to clarify all this newspaper speculation.

Further resistance around $1 020/oz is expected in the coming sessions although a break higher would leave little in the way of chart resistance until $1 040/oz.