Gold Hits Record High, Silver at 30-Yr Peak

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"At $21.61/oz., silver is cheaper alternative to bullion."

Gold hit a record high on Monday and silver jumped to a 30-year peak on dollar weakness, and lingering concerns over the global economic outlook.

Gold hit $1,300 an ounce, its highest ever level, while silver rose to its highest since 1980 at $21.61 an ounce, attracting interest as a cheaper alternative to bullion.

"Gold and silver are doing well as people are worried about the dollar weakening further. As quantitative easing happens it debases currencies so more money shifts into gold as a currency which an individual government can't influence," said William Adams, analyst at BaseMetals.com.

The dollar edged up from five-month lows versus the euro on Monday after falling sharply last week on stronger than expected data in Europe and speculation the Fed may yet turn to more quantitative easing to support the economy.

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