Silver prices jump more than 20% since August this year
San Francisco, CA -- (SBWIRE) -- 09/28/2012 -- The prices between between both silver and gold, since around the middle of August, have risen about 10% in silver’s favor. Silver has been solidly rising ever since, and investors couldn’t be happier. The weekly rise has been clocked in at 2.5%, which means prices were hitting six-month highs. The gains from silver have long passed gold’s rise, which in itself has risen over 10%.
Silver has peaked everyone’s interest this year, leaving gold outperformed, which is an all time first. The word going around was that silver prices were going to rise after the Fed meeting – and they couldn’t be more right.
After this meeting the central bank gave the go ahead to purchase $40 billion of mortgage. The September silver contract ended up rising 4.5%, settling at $34.716 a troy ounce, which ended up being the highest level since March 1. The Fed’s even announced to resume bond-buying, which will give this silver rally some legs to stand on.
It was also stated by an analyst at Shanghai CIFCO Futures, Li Ning, that this move by the Feds will end up flooding the market with more liquidity, which will consequently force up inflation and drive most investors to assets that are known to be good “hedges”, such as gold and silver. Proof shows that, year-to-date, silver is up 31.77%.
Executives of the company tend to see an additional upside to all this, which is partially attributable to the Fed’s actions.
The president and CEO of Silver Wheaton, Randy Smallwood noted to the International Business Times, that they are beginning to see silver prices continuing to climb, and admitted to being bullish.
It seems, for now, that anyone interested in investing in silver should expect these bulls to be around for a while, extending its run as the hottest precious metal out on the market to buy now.
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