Punters pile into silver, and go a little more bullish on FTSE, OneWayBet

pread betting traders are sitting on large net long positions in silver, which tore through the $8.00 barrier in the middle of November and has pressed even higher.

Bookmakers such as Capital Spreads and IG Index report that clients are favouring silver, even as gold approaches the $500-a-troy-ounce level.

The silver move is intriguing because this precious metal is prone to occasional, violent reverses – in the spring of 2004 for instance, it fell from $8.40 to $5.50 in little more than a month.

However, on this occasion, punters appear to believe that the only way is up for silver, and the cash price was this afternoon at $8.26.

As far as other spread betting markets are concerned, bookies said that their clients are turning more bullish on the FTSE this week after often getting caught short during the recent upswing.

Capital Spreads said however that its punters have been successful on the Japanese Nikkei, holding net long positions during most of its rise.

IG Index said that punters remain short of the pound against the dollar, apparently looking for sterling to fall from the current $1.72 area to around $1.66.

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