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| Silver Prices |
The price of gold climbed as high as $1,518.30 an ounce at one point in morning trading in Europe, prior to dropping back slightly, as gold and silver prices reach record levels, pushed by the weak US dollar and also ongoing concerns about the political situation in the Middle East and North Africa. Silver also temporarily climbed to a record high of $49.79 an ounce prior to falling back to $49, although this is still the highest since 1980 after the Iranian revolution and subsequent oil price surge.
Speculators have recently been investing in gold and silver as insurance against inflation, with experts suggesting that gold could possibly trade at an even higher level. Sector Investments, specialists in oil and gold investments said they believe as a company that gold could reach $1,600 an ounce before the end 2011, although it could reach a considerably higher price due to the somewhat limited supply of the metal. Today has been the 7th successive trading session to have seen an increase in the price of gold.
Gold has risen in price sixfold during the past decade, and has risen by more than 100% since the worldwide economic crisis of 2008. The rise in the price of silver has been even more dramatic, having increased fivefold since 2008, and up 12-fold since 2001.
