24
March
Gold Trades Near Record on Europe Debt Risk; Silver Reaches 31-Year Peak
24 March 2011 Bloomberg.com
Silver futures for May delivery rose 54.7 cents, or 1.5 percent, to $37.745 an ounce, after touching $37.925, the highest since February 1980. The metal that year reached a record $50.35.
Silver’s gain is due to “continuing strong industrial and investment demand and tight supply,” analysts at GoldCore Ltd. in Dublin said in an e-mail. “Many investors are seeing silver as a cheaper safe-haven substitute than gold. Silver looks set to target $40 an ounce, and in the longer term, many investors see the record highs as a very viable price target.”
