Gold and Silver Rise Near Records

Source: The Street, Alix Steel (4/4/11)

"Gold prices reach for new highs while silver hovers near 30-year record as investors seek protection against inflation."

Gold prices were reaching for record highs Monday and silver was hitting a 30-year high as investors piled into the metals as protection against inflation.

Gold for June delivery was adding $8.40 to $1,437.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,440.30 and as low as $1,429.10 while the spot gold price was adding more than $6, according to Kitco's gold index.

Silver prices were jumping $0.75 to $38.48 after hitting a 30-year record of $38.62 an ounce. Backwardation in silver has reversed, which means the spot month is now trading lower than future months. This signals that the supply crunch seen in February and March has ebbed for now, creating a possible headwind for prices.

"While silver is overbought in the very short term, silver's outlook remains bullish," says Mark O'Byrne of Goldcore, a bullion dealer. "Silver remains the preserve of a handful of contrarian and hard money advocates and is only beginning to enter the consciousness of the mainstream." As silver becomes more "trendy" then the market could see more physical shortages.

Despite the threat that the European Central Bank will raise interest rates on Thursday, investors were piling into gold and silver. The idea that the ECB would have to raise rates regardless of anemic economic growth in Europe underscores how serious inflation actually is.

"If rates go up it means to traders that economies are improving and inflation is apparent," says George Gero, senior vice president at RBC Capital Markets. "Higher open interest, higher moving averages, higher closes and higher volume all adding to bullish outlook."

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