Gold and silver hitting two-decade highs
March 31st, 2006 | by mbhunter |Both gold and sliver cracked highs that they hadn’t seen in two decades today. Gold hit the high $580s and silver was above $11.50. (Disclaimer: I own a little of both.)
Some reasons why the shiny metals are getting shinier, according to the news:
- Buying by funds
- Speculation surrounding a silver ETF coming on board
- Increased demand in India and China
- Falling output at some mines
- Buying by central banks
- Currency depreciation
Both gold and silver still have a ways to go before they hit their all-time highs. They have even further to go if you adjust for inflation. My crystal ball is in the shop like everyone else’s, but if you’d like a good discussion of gold, check out Gary North’s free newsletter series on gold. (Check the sidebar under Free Materials.)
You can get price information on gold and silver, as well as palladium and platinum, from Kitco. Also, Monex has bullion coin price quotes.
5 Responses to “Gold and silver hitting two-decade highs”
By Dus10 on Mar 31, 2006 | Reply
A big reason is the decreased value of the U.S. Dollar. And that is not considered a bad thing, people. Beyond petroleum, a reduced value does many things for us. For starters, it will be more cost effective to buy American goods, and this is the case whether you are an American, or a foreigner. This means our trade deficit will reduce, and we won’t be buying as much from China/India. Also, in increases the value of precious metals. Go buy some metal and hope the U.S. Dollar declines… you will be rich.
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