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Gold, silver prices increase after Bernanke interview

Release Date: 
Monday, December 6, 2010

The prices of gold and silver increased on Monday as investors acquired these precious metals.  It was a reaction to the European debt crisis and the U.S. Fed chief's statement that more assistance for the U.S.' dragging economy is an option at next week's final Fed meeting of 2010, according to published accounts.

Monday saw the price of gold strike $1,420.31 per troy ounce, less than $4 from the record value it set in early November. Silver's value surpassed $30, closing at $30.06, representing its highest price since 1980.

"Precious metals generally should be supported this week by the renewed focus on US quantitative easing," Edel Tully, a UBS precious metals strategist, told the Financial Times.

Thus far this year, silver's price has increased 77 percent as compared to the 30 percent that gold has achieved. Gold is en route to marking its 10-straight annual increase.

"Silver is quite often the forgotten metal," David Jollie, analyst at Mitsui Precious Metals, told the Financial Times. "Because it tends to follow gold to a degree, the gradual improvement in the fundamentals has probably gone unnoticed. But the fundamentals are still there."

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guar­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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