Silver prices rose today as uneasiness over the US dollar and tensions in Egypt casts clouds over the market. Demand for the metal remains high, and bullion dealers are continuing to struggle to fulfill orders for bars and coins.
Kitco reports that Silver hit its highest level in 30 years Monday.
Bloomberg reports that Silver will jump as much as 37 percent next year.
Bloomberg reports that Gold futures topped $1,400 an ounce and silver climbed to a 30-year high as the dollar’s slump boosted the appeal of precious metals as alternative investments.
Bloomberg reports that Silver futures for December delivery fell 56 cents, or 2 percent on the Comex in New York.
Economic Times reports that Gold fell in New York as China may raise interest rates curbed demand for bullion.
Business Week reports that Silver fell from the highest price in 30 years after CME Group Inc.’s Comex unit raised margin requirements.
: Although the current 10-year bull market in precious metals has taken gold nearly 50 percent above its previous historical peak of $875 set in 1980, silver is still 60 percent below its all-time record high of $50 an ounce. This is proof positive, say silver bugs, that the white metal has much farther to go.
Silver should do well throughout September, and most silver analysts are confident the metal will soon reach the $21 an ounce highs last seen in March 2008.
Long-time silver investors are well aware that this isn’t the best time of year for precious metals as gold and silver prices trade sideways to lower, hitting bottoms by mid-August. Despite the depressing name, the summer doldrums do offer a ray of sunshine.
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