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| Economy |
| Silver surges 5 percent on dollar, gold at record |
| 2011-04-25 |
| Spot silver surged more than 5 percent to above $49 ounce on Monday, buoyed by a weak dollar and strong physical demand in Asia that also propelled gold to a record high for a seventh consecutive session. Spot silver hit a 31-year high of $49.31 an ounce, before easing to $49.16 by 0854 GMT. The level was 17 cents off a 1980 record high, according to Reuters data. It was heading for its biggest daily gain in five months. "Everyone is buying," said a Hong Kong-based dealer. "There is stop-loss buying, as well as a good buying interest from China." The dollar index languished around a three-year low on Monday, with investors expecting further weakness on concerns about the size of the U.S. budget deficit and the expectation that interest rates in the world's largest economy would remain low. Spot gold hit a record high of $1,518.10 an ounce, before easing to $1,517.80, up nearly 1 percent. U.S. silver futures jumped 8.2 percent to $49.82 an ounce in unusually large trading volume, just about 50 cents off its all-time peak of $50.35 hit on January 18, 1980. When those evil (per 60 Minutes) Hunt brothers tried to corner the silver market. The contract eased to $49.17 an ounce on Monday. |
| Posted by:Zebulon Thranter9685 |