Silver recovered all of its losses and ended around 1 per cent higher as traders covered their positions amid hectic demand for the metal from industrial units and coins makers. Shares outstanding in the iShares Gold Trust, the fourth-largest exchange-traded fund backed by bullion, jumped the most in more than four years yesterday. The world's largest silver-backed exchange-traded fund, iShares Silver Trust, said its holdings rose to 10,964.14 tonnes by Dec 14 to a record high of 10,891.18 tonnes hit on Dec 13.  The Gold Silver ratio is currently near multi year lows of 47.28. We see Late 2006 low 45.42 and then 2006 low of 44.08 as key targets. Now support for the silver is seen at 44248 and below could see a test of 43723. Resistance is now likely to be seen at 45191, a move above could see prices testing 45609.

Trading Ideas:

Silver trading range is 43723-45609.

Silver ended higher as traders covered their positions amid hectic demand

Silver is having resistance at 45040 and support at 44460 level.

Holdings at ishares silver trust rose by 72.96 tonnes to 10964.14 tonnes