Gold, silver soar
No, it's not the all-time highs, but it's high enough for today:
Gold reached a 27-year high as record oil prices deepened concern that inflation will accelerate, and a slumping dollar boosted the appeal of precious metals as an alternative investment. Silver also gained to a 26-year high.
Whoa, what's that about silver?
Silver for immediate delivery jumped as much as 31 cents, or 2 percent, to $15.91 an ounce, the highest since Dec. 1980. The metal stood at $15.75 at 3:47 p.m. Singapore time. It has climbed 22 percent this year, heading for a sixth straight annual gain.
Maybe silver's finally starting to play catch-up. And as for gold:
“We may see gold prices breaching the $850 level, at the earliest tonight,'' said Kazuhiko Saito, strategist at Interes Capital Management Co. in Tokyo. “It's like people are pushing gold prices toward the record.''
Bullion for immediate delivery rose as much as $11.99, or 1.5 percent, to $836.99 an ounce, the highest since January 1980, when it reached a record $850 an ounce. The metal was at $834.90 an ounce at 3:51 p.m. Singapore time. Gold has gained more than threefold since the end of 2000 when it fetched $272.25 an ounce.
As I said on Monday, $2000 gold is looking more and more plausible.
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