Silver Futures Jump to 30-Year High: Gold Rises to Record, Topping $1,300 |
| Bloomberg - Sep 25, 2010 |
Silver climbed to the highest price since 1980 as the dollar’s slump boosted demand for precious metals as alternative assets. Gold climbed to a record, topping $1,300 an ounce.
Silver has jumped 27 percent this year, and gold has gained 18 percent, outperforming global equities, Treasuries and most industrial metals. Today, the dollar fell to the lowest level since February against a basket of six major currencies as the Federal Reserve keeps borrowing costs low and moves closer to easing monetary policy to bolster the U.S. economy.
“You’ve got a lot of open sky for gold,” said Michael Guido, the director of hedge-fund sales at Macquarie Bank in New York. “There’s no fear of higher rates to come, and the dollar is back to playing defense. Silver hasn’t broken any records, so there’s going to be more acceleration in the price.”
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- Posted: 2010-09-25 21:20:41
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