First Ime in 30 Years:$30/ozt Silver (12/06/2010)

December 6, 2010

GOLD ALERT-  

SILVER PRICE NEWS – The silver price reached the $30 level for the first time since 1980, as the March futures contract climbed as much as $0.835, or 2.9%, to $30.115 per ounce in mid-day trading.  With today’s rally, the price of silver extended its year-to-date gain to 78.7%, as the metal has outperformed virtually all asset classes in 2010.

The last time the silver price traded above $30 came as the Hunt Brothers tried to corner the market, sending the metal toward $50 before it quickly tumbled lower again.

While the price of silver has benefitted substantially from its dual role as an industrial and precious metal this year, in recent weeks it has traded more like a currency, similar to that of gold.  The ability of gold’s sister precious metal to reach yet another 30-year high, in the face of the rebound in the U.S. dollar, is testament to the substantial investment demand for silver, and a strong indication of the declining faith in fiat currencies across the globe.

Read full story: http://www.goldalert.com/2010/12/30-silver-price-1st-time-in-30-years/