Gold hits a new high, but Silver is down over $1... Gold is leading Silver at this time as it is seen as a 'flight to safety' and 'real' money. If problems are seen with the economy going forward, industry will not manufacture as much products that include Silver so demand will be diminished. So investors sell off the metal and switch to the one that is rising...
Daily chart of Silver from Kitco
Silver spiked down to $37 just before 4pm and bounced right back up. If you wanted to purchase a equity or commodity and had some influence on the price, wouldn't you want it to sell off first then purchase at a cheaper price? (That's for the big players)
I continue to dollar cost average into Silver while it is still in the $30 range. (Bought some again today) It is a definite possibility that you will not see Silver in the $30 range after this coming fall season and into 2012.
As some guru's have suggested, some may want to transfer most of your savings account fiat currency into hard assets, just keeping enough in your checking account for weekly and monthly expenses. The dollar going forward will continue to be devalued and inflation will continue to eat away at your purchasing power. Those that keep dollars in a savings account will slowly loose to inflation over time.
As some guru's have suggested, some may want to transfer most of your savings account fiat currency into hard assets, just keeping enough in your checking account for weekly and monthly expenses. The dollar going forward will continue to be devalued and inflation will continue to eat away at your purchasing power. Those that keep dollars in a savings account will slowly loose to inflation over time.
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