Dow Jones newswires, 4:09 pm 3/1/11Spot silver is at $30.91/oz,...

Dow Jones newswires, 4:09 pm 3/1/11

Spot silver is at $30.91/oz, up 1 cent since Friday's NY
close and just off 30-year high of $30.95 hit in early trade.

The metal gained 84% in 2010, mostly since August. The speed of the ascent is demonstrated by the fact it is trading 45% above its 200-day moving average which is only $21.29. However, technical analysts are not calling a halt yet, with silver still nowhere near its record level.

"The next major target remains the 1980 high of $49.50,"

$A is at $US 1.0207, up from 1.01 at Friday local close.