Silver advances to highest price since 1980; gold breaks $1,300
Gold and silver futures both rose on Friday morning, testing records. In silver's case, December delivery contracts hit the highest level since the Hunt Brothers tried and failed to corner the silver market in the 1980's. At that time, silver rose to nearly $50 per ounce.
Gold, meanwhile, briefly saw futures for $1,301.60 per troy ounce, a new record, though the metal later retrenched slightly.
Comex gold futures for December delivery rose $1 to $1,297.30 per ounce after touching that record.
December delivery futures for silver rose 13.7 cents to $21.35 per troy ounce, with trading volume of nearly 25,000 contracts.
Terry Duffy, the executive chairman of CME Group, made some comments to the Wall Street Journal denying any changes in the New York City-only delivery policy on Comex gold contracts. "People don't make or take delivery very often on Comex futures contracts," Duffy told the paper. "I think when it comes to precious metals, you always need to have that option, but it doesn't mean they are going to take it."
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