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18 February 2011

Silver Smashes Through $32 Per Ounce as Precious Metals Advance

Silver leads the Precious metals advance as Middle Eastern trouble supports market

Silver lead the charge higher in precious metals in trading today as Silver was up over a dollar during the day hitting a 30 year high. Gold, platinum and palladium all made gains on the day, with Gold bullion reaching a 5 week high.

A Chinese decision to raise lenders reserve requirements by 0.5% did little to curb the upward price pressures generated by Middle East unrest .

Premiums on fixed price physical gold bars cooled further with 1 oz Gold bars in the US asking a 14% premium over the Gold price.

However, the unprecedented demand for physical silver boosted Premiums on fixed price physical silver bars with 100 troy oz Silver bars in the US asking a 23.5% premium over the Silver price.

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