(Story updated to reflect silver and silver stock price changes, more data from BullionVault)
NEW YORK (TheStreet) -- Silver prices reached a 30-year high as ongoing European debt-contagion fears and Federal Reserve Chairman Ben Bernanke's talk about a possible third round of quantitative easing brought out the sparkle in gold's cheaper alternative.
Silver for March delivery was testing $30 in midday trading. Silver prices were rising 68 cents to $29.96 as investors sought the inflation protection attributes of gold's "poorer cousin" and security from economic uncertainties. Speculators took advantage of the spike.
In an interview with CBS' 60 Minutes over the weekend, Bernanke signaled that the central bank could expand its $600 billion Treasury-purchase program to address the high unemployment rate, fueling inflation sentiment.Spot silver prices were leading the precious metals complex during midday trading, rising more than 1%, according to Kitco's spot price index. BullionVault's head of research Adrian Ash recently said that "silver's popularity is clearly spreading." BullionVault began offering silver bullion to its users in January and has witnessed new enquiries for silver rise by more than a fifth in one recent month. For the full year, online gold and silver trading at BullionVault grew nearly 29% by volume to $1.33 billion. Shares of the iShares Silver Trust (SLV) were up 2.6% to $29.33, while Silvercorp Metals (SVM) fell 3.7% to $13.09 as the company announced it has agreed to sell to a syndicate of underwriters, led by CIBC and BMO Capital Markets, 8 million common shares at $12.70 a common share for aggregate gross proceeds of about $101.6 million. Silver Standard Resources (SSRI) was popping by 4.2% to $29.16 and Coeur d'Alene Mines (CDE) was jumping by 4.1% to $26.96. >>Search for Highest Dividends by Rate or Yield
>To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV