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Silver Surges 5 Percent on Dollar, Gold at Record

Posted by National News/Opinion, World Monday, April 25th, 2011
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SINGAPORE (Reuters) – Spot silver surged more than 5 percent to just above $49 ounce on Monday, buoyed by a weak dollar and strong physical demand in Asia that also propelled gold to a record high for a seventh consecutive session.

U.S. silver futures jumped 8.2 percent to $49.82 an ounce in unusually large trading volume, just about 50 cents off its all-time peak of $50.35 hit on January 18, 1980.

“Everyone is buying,” said a Hong Kong-based dealer. “There is stop-loss buying, as well as a good buying interest from China.”

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