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Silver surpasses $30/ounce to trade at fresh high

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posted on Dec, 6 2010 @ 07:08 PM
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SAN FRANCISCO (MarketWatch) -- Silver futures topped $30 an ounce, trading at this level for the first time since the 1980s as precious metals rallied Monday on ongoing concerns about Europe's debt woes and talk the U.S. Federal Reserve may provide additional monetary easing. Silver for March delivery surged 74 cents, or 2.5%, to $30 an ounce on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $30.09 an ounce.


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This is good news for those that have invested in precious metals. There is speculation that silver if it makes the move to balance at the 10% stability point of gold will continue to rise until it reaches that equilibrium. I for one am glad to see that this wasn't just a one time run up and it keeps continuing the move upward.
The bad news is that this signals that people are fleeing to safe investments like this to hedge against inflation and unstable markets. With all that is going on with the fed easing the dollar is sure to lose value and the price of metals is sure to keep rising.




posted on Dec, 6 2010 @ 10:04 PM
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Silver surpasses $30/ounce to trade at fresh high


And with a provisional target of 35/36 for this move, the miners have confirmed more room to run here.

I think it's that time again folks, and let's not forget the new record close for Gold SpaDe_



 
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