Silver price stalled for the second week running as it battled around the $40 mark to post a decline, breaking a run of three consecutive gains.
However, in monthly terms silver rose altogether around 15% to post the first gain since April tracking gold higher.
In 2010, silver was the best performing financial asset. In April, quickly surged to a record high of $49.50, but in the following five sessions the white metal shed a third of its value in an incredibly sharp correction.
Many analysts believe that now silver at 20% below April‘s record, it represents an excellent buying opportunity.
The fact that silver is 20 percent below its high despite allover improving metals fundamentals suggests a notable opportunity for the white metal.
On the fundamental side, Silver Wheaton cut its 2011 silver production forecast by 2 million ounces, blaming a slow ramp-up at Goldcorp‘s Penasquito mine in Mexico.
