Gold & Silver Prices Soar to Start Week

Gold and silver prices experienced a spectacular spike on Monday as investors rushed to strengthen positions in precious metals. A number of factors came into play at once to cause the substantial gains seen in both gold and silver. As of noon CST the gold spot price is up $34 to a daily high of $1332.10, while silver is selling for $20.66, a daily gain of $1.05, a 5.5 percent increase.

While pundits have gone head-to-head in recent weeks over whether gold and silver prices of $1300 and $20 had merit, today’s heavy-buying could go a long way in quelling the dissent among analysts. The dollar is decidedly weaker than it has been in recent weeks, and China’s increased demand for gold instead of the dollar is giving gold no choice but to rise, especially with the inflation that the U.S. government has been trying to pass off as growth becoming more evident each day.

While long-standing U.S. companies and even municipalities, including Detroit, are going bankrupt, the world’s industrial demand for silver is increasing. Plus, those who have bad-mouthed gold in an attempt to convince investors to buy paper may have hurt their cause, as many potential gold buyers chose to avoid gold, as well as stocks, bonds, interest-bearing accounts and real estate, in favor of silver.

If our government continues to intentionally devalue the U.S. dollar while other countries stay the course of selling dollars for gold, oil and other currencies, gold and silver prices will have no choice but to march upward, despite any manipulative practices that our “leaders” may try to implement.

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