The USD made a big move upward today as investors were fleeing the Euro amid renewed concerns about the Greek debt crisis. Commodities across the board were hit hard today, with silver and crude oil taking the major brunt. Silver found support at the $35 level and traded in a sideways range for much of the day. This chart shows the US Dollar and Silver prices overlaid, showing the reversing mirror-effect a rising dollar has on the price of silver. The second graph is the price of silver overlaid with the Euro chart, showing how they fell in tandem today versus the dollar.
Silver vs USD May 11, 2011
Silver vs Euro May 11, 2011