Silver and Gold at record prices

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Despite the fact that the economy is in a downturn, commodities are at their highest since 2008. China, with more than $ 3trillion reserves, aims to be the major buyer of precious metals in order to expand its exchange reserves. Silver has reached $49.70 ounce whereas gold has surged to a record $1518.32 per ounce, according to Century Weekly magazine.

The Thomson Reuters/ Jefferies CRB index states that silver has been found to have the most significant price increase in 2011 out of 19 other raw materials. Dominic Schnider, the director of wealth-management research for UBS AG, states, ‘Silver is loved by the market in short-term, however in long term it will end up in a bloodbath’.

The US Dollar has crashed for 4 consecutive -weeks against a pool of major currencies. The Federal Reserve may keep scrounging costs at 0% to 0.25%, while European Central Bank officers indicate further rate increases.

At present, silver is reported to have more than doubled in the last year, while gold has increased 32%. The demand of silver has increased and according to Li Ning, an analyst at China International Futures Co, ‘Silver is definitely benefiting from spill-over demand from gold as haven investment’.

 

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Reading Time: 1 minute

Despite the fact that the economy is in a downturn, commodities are at their highest since 2008. China, with more than $ 3trillion reserves, aims to be the major buyer of precious metals in order to expand its exchange reserves. Silver has reached $49.70 ounce whereas gold has surged to a record $1518.32 per ounce, according to Century Weekly magazine.

Reading Time: 1 minute

Despite the fact that the economy is in a downturn, commodities are at their highest since 2008. China, with more than $ 3trillion reserves, aims to be the major buyer of precious metals in order to expand its exchange reserves. Silver has reached $49.70 ounce whereas gold has surged to a record $1518.32 per ounce, according to Century Weekly magazine.

The Thomson Reuters/ Jefferies CRB index states that silver has been found to have the most significant price increase in 2011 out of 19 other raw materials. Dominic Schnider, the director of wealth-management research for UBS AG, states, ‘Silver is loved by the market in short-term, however in long term it will end up in a bloodbath’.

The US Dollar has crashed for 4 consecutive -weeks against a pool of major currencies. The Federal Reserve may keep scrounging costs at 0% to 0.25%, while European Central Bank officers indicate further rate increases.

At present, silver is reported to have more than doubled in the last year, while gold has increased 32%. The demand of silver has increased and according to Li Ning, an analyst at China International Futures Co, ‘Silver is definitely benefiting from spill-over demand from gold as haven investment’.

 

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