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Saturday, February 19, 2011

Silver Goes Highest Level Price In Previous 31 Years


Silver prices hit the highest level in nearly 31 years Friday on expectations of stronger demand and the metal's appeal as a relatively safe investment in times of uncertainty.

Silver prices climbed to $32.835 an ounce during trading before easing back to settle up 2.3 percent on the day. It was the highest price since silver settled at $32.90 an ounce on March 7, 1980, but well below that price after accounting for inflation.


Troops in Bahrain confronted protesters calling for an end to the country's monarchy. In Libya, Moammar Gaddafi's regime deployed security forces and warned citizens against joining the unrest in which dozens of protesters have been killed.

The uncertainty about what will come next for the region benefited gold and silver because of their safe heaven appeal. Oil prices rose as traders worried about potential oil supply disruptions.

Meanwhile, China ordered its banks to hold back more money as reserves in its latest effort to control inflation. The government has raised interest rates and reserve levels several times, but analysts expect the inflation rate to continue to climb through midyear as demand outstrips food supplies.

That benefited gold and silver but hurt soybeans on concerns that demand may wane.

Silver has been rising consistently since late January on more evidence of global economic growth, particularly in emerging markets. The metal has a variety of uses, from jewelry and silverware to consumer electronics and solar energy.

"It is certainly getting benefit from the combination of the global economic recovery along with the buying interest that you're seeing on the inflationary, precious metals, safe heaven side," said vice president of metals trading at Vision Financial Markets. Silver for March delivery added 72.6 cents to settle at $32.296 an ounce.

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