Is Silver the New Gold? The Rise of Precious Metals
By LYNEKA LITTLE
Sept. 28, 2010
With stocks in the dumps and government deficits spiraling, Americans are increasingly turning their attention to precious metals like silver, which has doubled in price since the recession hit in 2008.
Silver hit a 30-year high of $21.47 an ounce Monday, up from under $9 when the financial crisis began, rising 35 percent so far this year.
The high price of gold — the metal has also more than doubled in price over the past two years — has sent investors scrambling for cheaper silver as a way to protect their assets. Silver has gained 21 percent in price versus gold this year.
“Some people are worried about the currency debasement and have done some research about the fundamentals of silver and fundamentals of gold and silver looks like a better deal,” says David Morgan of The Morgan Report.
Silver’s rise can also be traced to its industrial uses in everything from jewelry, mobile phone components to batteries.