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Given that there have been only obscure reports regarding capital controls and reopening of banks, it is difficult to say what could actually be in store for Cyprus.

25 Mar 2013

Commodity Online
“Days of uncertainty lies ahead” said Gavin Hewitt, Europe Editor of BBC News a blog post. That applies mostly to the citizens of Cyprus, but also sums up what is in store for the Eurozone.

But is that all?

Cyprus may well see mass upheavals and events that may start off as small skirmishes can inflate out of proportions. Political landscape may get messy as Russian tycoons who may have lost their cherished funds in the Mediterranean island nation soon launch clandestine attacks with support from Russia.

“What happens to the person who parked more than 100,000 euros in an account before buying a property or before paying foreign suppliers? There will be much confusion, much argument, as the detail emerges and is argued over. The rescue, certainly in the short-term, will hit the Cypriot economy hard.” says Hewitt.

“Cyprus has been saved but at what price?” he asks.

The question before investors is how MCX silver would behave in times like these. For the intraday, here is the catch:

“MCX Silver May contract has important support at 53800 and resistance at 54800. If prices break level of 53800, then it is expected to move towards 53000. Overall sentiments are looking bearish till prices will not close above 55000 mark.” said Amrita Mashar, Research Analyst at Commodity Online.

Now, beyond that?

Given that there have been only obscure reports regarding capital controls and reopening of banks, it is difficult to say what could actually be in store for Cyprus.

As Hewitt said, “Days of uncertainty lies ahead”. And predictions are a strict no!

As one keys this in, silver for delivery on India's MCX (May contract) was spotted trading at Rs.54084 a kilogram, a loss of 0.14% as of 04.56 PM IST.


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