Gold rose to a record for the eighth time in two weeks as the dollar dropped to the lowest level since early February, boosting investor demand. Silver extended gains, reaching the highest price since 1980.
Prices jumped to an all-time high of $1,311.80 an ounce on the Comex in New York. Futures are up 19 percent this year, heading for the 10th straight annual gain and the longest rally since at least 1975. The dollar fell against a basket of major currencies, including the euro and yen, to the lowest level since Feb. 3.
– Is Silver the New Gold? The Rise of Precious Metals ( ABC News):
With stocks in the dumps and government deficits spiraling, Americans are increasingly turning their attention to precious metals like silver, which has doubled in price since the recession hit in 2008.
Silver hit a 30-year high of $21.47 an ounce Monday, up from under $9 when the financial crisis began, rising 35 percent so far this year.
The high price of gold — the metal has also more than doubled in price over the past two years — has sent investors scrambling for cheaper silver as a way to protect their assets. Silver has gained 21 percent in price versus gold this year.