Silver Higher for 11th Straight Session [delayed]

Ridgeland, MS, MAR 04, 2008 (EventX/Knobias.com via COMTEX) -- TEX | news | PowerRating | PR Charts -- Silver is going for 11 gains in a row, an extraordinarily rare event for any asset class. This morning the ETF that tracks the price of silver (SLV) is up 0.6% while the Dow falls 100 points and the Basic Materials sector (XLB) drops 1%. Year to date, the SLV is up a scorching 38%.

Within the Materials sector, only the precious metals and steel industries are trading higher. The gold and silver miners benefit from their status as a hedge against the dollar's accelerating decline. Meanwhile, most of the economically sensitive industrial metals and chemicals industries are falling on recession fears. The Philly Gold/Silver Index (XAU) is up 0.5% in early trading to a new high. Nucor (NUE) VP Michael Parrish reported the sale of 15,000 NUE shares this morning. Terex (TEX -4%) a manufacturer closely associated with the mining and construction industries was cut to Neutral from Buy at Goldman Sachs.

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