Silver Bullion Surges 3.5% To Over $20

Silver surged 3.5% yesterday rising 65 cents and closing at $20.04/oz and gold rose by 2% or by $23 to close at $1,348.80/oz after poor economic data in the U.S. underlined deepening concerns about the economic and indeed the monetary outlook.

Silver in USD – 10 Years

Gold ended near its late session high of $1351.83 and has consolidated near these levels in Asia overnight and Europe this morning. Silver surged to as high as $20.124 and has since given up some of the gains but remains near the $20 level at $19.95/oz.

The precious metals also saw gains in other currencies. Euro gold rose to about €1,200/oz and sterling gold to £1,004/oz.

Platinum gained $33 to $1095, and palladium also surged. Read full story…