Silver trades near a 31-year high as gold slips *PIC*

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Silver trades near a 31-year high as gold slips (GCJ11, SIH11) (by Myra P. Saefong)

SAN FRANCISCO (MarketWatch) -- Silver futures climbed to their highest level in nearly 31 years Friday morning but prices for gold slipped back after closing at a five-week high a day earlier. March silver (SIH11) was up 27 cents at $31.84 an ounce, trading around 6% higher week to date. April gold (GCJ11) fell by $1.10 to $1,384 an ounce, but it was still trading nearly 2% higher for the week so far. "Tightness in silver and continued anti-inflation hedging will continue to fuel strong demand [for bullion], with gold continuing to erode overhead resistance between $1,382-$1,394 and silver potentially poised to challenge the $35 an ounce level," analysts at FastMarkets.com wrote in a note to clients.

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