Gold and Silver: New Record Highs
April 25th, 2011Via: Bloomberg:
Silver climbed to an all-time high as investors sought to protect their wealth against accelerating inflation and a weaker dollar. Gold also rose to a record.
Immediate-delivery silver jumped as much as 5.4 percent to $49.79 an ounce, beating the previous peak of $49.45 in 1980, according to research company GFMS Ltd. Gold futures in New York climbed to a record for a sixth consecutive session.
Precious metals have rallied on investor speculation that central-bank programs to revive economic growth with low interest rates and increased supply of money will ignite inflation and devalue currencies including the dollar. Silver is the best performer over the past year on the Standard & Poor’s GSCI Index of 24 commodities, ahead of cotton, coffee and sugar.
