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NY silver sprints to 22-year high on ETF ruling

NY silver sprints to 22-year high on ETF ruling
Tue Mar 21, 2006 12:21 PM ET

NEW YORK, March 21 (Reuters) - U.S. benchmark silver futures shot to a 22-year high on speculative buying on Tuesday after the U.S. Securities and Exchange Commission approved rule changes for a silver exchange-traded fund.

Silver for May delivery <SIK6> at the COMEX division of the New York Mercantile Exchange had surged $10.55 an ounce, up 16.8 cents -- the priciest for futures since late 1983 -- by 12:13 p.m. EST.

The SEC said it has approved rule changes that will allow the American Stock Exchange to list shares in Barclays Plc's (BARC.L: Quote, Profile, Research) iShares Silver Trust, which is designed to track the price of the metal. [ID:nWBT005013]


LINK: http://today.reuters.com/investing/financeArticle.aspx?type=governmentFilingsNews&storyID=2006-0...