Futures Market News
Gold, silver will climb while dollar, economy dive, analyst says
Apr 24, 2011 03:57 PM
Crash and burn could be the ultimate destination for both the U.S. dollar and the economy that supports it, and those facts are very well known to investors around the world, one analyst contends.
Consequently, according to Daily Markets analyst Michael Snyder, the value of precious metals will resume their upward climb. The International Business Times reports Snyder attributes commodities' gains to these facts.
"When these commodities go up in price it is a sign that the U.S. dollar is dying and that our country is getting closer to economic collapse," Snyder recently mused.
Last week, gold futures rose 1.5 percent in value. However, that hardly compares to the week's gains of its counterpart as silver futures surged 8.4 percent, almost six-times that of the yellowish metal.
The record price for gold futures now is $1,512.47 per troy ounce. Silver futures are at 31-year-highs and they are very deliberately nearing the $50 per troy ounce mark.
"The U.S. has been running trillion dollar deficits for several years now, and this has created a lot of new money," according to Snyder.
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