Posts Tagged ‘New York Spot Price’

Silver Hits A New 30- Year High

December 30, 2010 Comments off

Spot silver rose to a 30-year top on base metals strength, dollar weakness reaching $30.72 . European sovereign debt crisis and uncertainty in US economic boosted the investments appeal in the precious metals as a means of wealth protection.  The white metal is up 74% which is almost triple the growth recorded by the price of gold, which rose 26 percent.

The strength of silver has resulted in a wave of development around the world and a planned production increase in 2010 to 733.2 million ounces, representing increases of 3.3% compared to 2009 and 14% since 2006.

The metal has an inherent appeal due to its industrial use in electronics, cutlery and coins. In addition, supplies are limited.

“The fundamental picture for silver is much more attractive relative to gold,” said Jessica Cross of the precious metals consultancy Virtual Metals.

Finally, the chief raw material analysis of Deutsche Bank , Michael Lewis, said: “The growth potential of silver is greater than gold.”

Demand for the metal is going to the moon!