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October 4, 2010    

Silver trades at 30-year high

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by Kay Murchie
Silver trades at 30-year high

While the price of Gold has recently reached record highs, the price of Silver recently reached a 30-year high.

The price of gold has recently surged and this has been attributed to a weakening US dollar, which typically moves in the opposite direction to the precious metal.

However, the price of silver has risen 31% this year - far out-performing Gold, equities and many base metals.

Silver is currently trading around the $22.11 mark, while Gold is $1,317. Many analysts believe silver will trade around $24 next year.

However, some are much more optimistic. James Turk, the founder of bullion dealer GoldMoney, believes quantitative easing (QE) will hammer currencies but send precious metals much higher.

QE, also known as printing money, has been introduced by many Governments throughout the world to boost their economies and bring them out of the worst recession in decades.

Some Governments - including the UK and the US, have hinted that further QE will be necessary in order to stimulate economic growth.

Meanwhile, Suki Cooper, a precious metals analyst at Barclays Capital, has a target price of around $22 next year, expecting Silver to peak at $23.7 in the second quarter of 2011.

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