The spot price of gold and silver hit major milestones last week and seem poised to continue their rally this week. Gold hit its higest price in more than 30 days and silver hit a new 30-year high.
"Silver is playing catch-up to gold and will pull gold higher," Frank McGhee, head dealer at Integrated Brokerage Services in Chicago, told Bloomberg. "The market has turned its attention to geopolitical fear, food inflation and the Fed not changing its stance."
Silver's achievement marks its most valuable price since March 1980 and its price has nearly doubled in the past 365 days. Gold touched $1,385.40 per troy ounce on January 13.
"Gold is ready to resume its uptrend because of the worsening outlook for inflation," said James Turk, the founder of an outfit called GoldMoney.com, which managed $1.4 billion worth of precious metals and currencies for investors. Those figures are current for late January 2011.
By
Joshua Hinsdale
Gold and Precious Metals Examinar
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