This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Silver Prices Hit 30-Year High

(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.

Most Recent Quotes from www.kitco.com

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

Readers Also Like:

-- Written by Andrea Tse in New York.



>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: tips@thestreet.com.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $125.80 -2.25%
FB $77.56 -1.59%
GOOG $530.80 -1.85%
TSLA $232.95 1.06%
YHOO $41.30 -1.76%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs