York Silver

York Silver

Gold and Silver Continue to Rise as Investors Look for Safe Plays

Gold and Silver have been the popular investments of late with both of them hitting record price levels not seen in more than 30 years. Investors are wary of speculative investments and tired of so much uncertainty in the markets, so they go with tangible investments like precious metals and oil. This trend has had positive effects on SmallCap companies as well in this industry, and even exploratory companies with no current production have welcomed all the new investors of late thanks to this swing.

Gold climbed to a record in London and New York as investors sought a protection of wealth and an alternative to a weakening dollar. Silver rose to the highest price since 1980 in London.

The dollar headed for a weekly drop against the euro on concern the Federal Reserve is moving closer to boosting debt purchases, while European equities declined. The metal, which usually moves inversely to the greenback, advanced to a record for the fourth day this week. Silver, also used in industrial applications, headed for a fifth weekly advance.

"Gold is showing there is no confidence in the dollar," said Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance SA in Geneva. Recent "data has been showing signs of a troubled economy. That's why we've seen this huge buying for investors as a safe haven."

Immediate-delivery bullion added as much as $5.90, or 0.5 percent, to $1,298.35 an ounce and traded at $1,296.95 at 9:32 a.m. in London. Gold for December delivery was 0.2 percent higher after reaching $1,299.70 an ounce on the Comex in New York.

Silver for immediate delivery in London climbed as much as 1.2 percent to $21.3875 an ounce, the highest price since October 1980.

Gold, up 18 percent this year, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920. Bullion has outperformed global equities, Treasuries and most industrial metals, prompting record investments in gold-backed exchange-traded products. The metal rallied as central banks and governments maintained low borrowing costs and spent trillions of dollars to stimulate their economies.

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