Silver Hits 30-Year Record
Source: Resource Investor, Mark O'Byrne (9/24/10)
"Silver looks set to record its seventh quarterly advance."
Gold is currently trading at $1,299.07/oz., €968.52/oz., £826.89/oz.
Silver looks set to record its seventh quarterly advance, which would be its best performance since 1974 (see chart above). Technical traders and fundamentals investors are now looking at "poor man's gold" and scent an opportunity. Silver, unlike gold and most other commodities, remains well below its record (nominal) high of $50.35/oz.
Suspicion that Japan may have intervened in the currency markets selling yen again shows that many nations are seeking to weaken their currencies. They are engaged in classic "beggar thy neighbor" monetary policies. In an environment of continuing cheap money policies and increasing hints of competitive currency devaluations, all fiat currencies will likely continue to come under pressure versus gold in the coming months.
Silver is currently trading at $21.36/oz., €15.92/oz. and £13.59/oz. Platinum is trading at $1,638.75/oz., palladium is at $556/oz. and rhodium is at $2,300/oz.