Silver Approaches 30 despite Pullbacks in Other Commodities

Silver surged to a 30-year high of 29.975 earlier in the day, signaling demand for precious metals remains robust. Overhangs in the European periphery have continued to drive investors to safe-haven investments. Economists forecast the euro will weaken further as sovereign crisis in the region will dampen economic growth. Outperformance in silver has sent gold-to-silver ratio to 48, the lowest level in more the 3 months. Crude oil retreated after faltering below 90.

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Silver Approaches 30 despite Pullbacks in Other Commodities