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Silver rises to 30-year high on Fed remark

Monday December 6, 2010   BUSINESS STANDARD-     

Low gold ratio, Bernanke’s statement that the central bank may buy more bonds boost prices.

Silver gained to the highest level since 1980 as the gold ratio dropped to the lowest in more than three years, bolstering demand for the metal among investors who seek to protect their wealth. Gold gained.

One ounce of gold brought as little as 47.386 ounces of silver as of 2:08 p.m. Singapore time, the lowest level since February 2007, according to Bloomberg News calculations. Gold and precious metals also gained after Federal Reserve Chairman Ben S Bernanke said the central bank may buy more bonds to further boost the economy.

“There is some substitution impact on silver as investors also see the metal as a store of value, just like gold,” Ben Westmore, an analyst at National Australia Bank Ltd., said today by phone from Melbourne.

Silver for immediate delivery advanced as much as 1.7 per cent to $29.915 an ounce, the highest price since March 1980, and traded at $29.7663. The metal has advanced 77 per cent this year, outperforming gold’s 29 per cent gain.

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