Has silver actually outperformed gold this year?
*Reuters, by Steve James, September 15, 2009:
“Silver has outperformed gold this year as investors flocked to
precious metals in the economic downturn and silver producers can look
forward to good times ahead, the head of Coeur d'Alene Mines said on
Tuesday.
‘In the wake of this (financial) hurricane, this is a new golden age
for us,’ Dennis Wheeler, the silver producers' chairman, president and
chief executive officer told the Denver Gold Forum industry gathering.
Not only were investors buying silver as a safe haven against the
recession, but new demand from electronic appliance makers for the
metal was likely to strain global supplies, he said.
‘We continue to see a deficit of about 100 million ounces for silver
this year and it is continuing.’
On a day when silver rose past $17 an ounce, Wheeler noted that the
gold price had risen some 15 percent this year to around $1,000 an
ounce, but silver was up 50 percent.
‘The number one performer this year has been silver. Silver has
outperformed gold three-to-one,’ said Wheeler, whose company has silver
and gold projects in Bolivia, Mexico, Chile, Argentina, Australia and
the United States.
‘We are seeing the beginnings of a new sustainable global silver
market. Clearly investors were driving the market this year.’
He said that as the economy got back on its feet, silver demand was
seen increasing, especially after ‘upbeat’ outlooks from computer and
appliance makers who use the metal for batteries.”
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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