Silver has risen another 1.4% today to a high of $34.44/oz and above the 31-year interday high of $34.33/oz reached last Tuesday (Feb. 22). Silver is higher in all currencies this morning, especially the Japanese yen.
Traders returning to work found largely the same conditions that they had left work amid on Friday; no resolution to the Libyan upheaval, continued weakness in the US dollar, and suggestions from various Fed 'factions' on changing US interest rates.
Many banks are raising fresh capital but not as fast as they are reporting fresh write-downs. Unless regulators push banks to rebuild their equity bases more quickly, the crisis will be more painful and protracted than necessary. Merrill Lynch is a salutary example.