Monday, March 21, 2011

Silver: A Currency for Crisis

Bookmark and Share Source: Marc Davis, BNW News 03/21/2011

Silver is increasingly becoming a global monetary metal, mostly due to inflationary concerns and the debasement of the world's major currencies. And that's the main driver for silver's surging bull market, according to some key players in the precious metals investment sector. Rising inflation in China and India, as well as Europe's ongoing sovereignty debt crisis, are major contributors to gold and silver reverting back to their traditional "safe haven" status, according to New York-based James Steel, a precious metals analyst for HSBC Securities.
Referring to his big league investment house as "the world's largest bullion bank," Steel says silver's role as a monetary metal is gathering the most momentum in emerging economies. Ones that are growing at three times the rate of the established industrialized world, he says."The macroeconomic trends from emerging markets are, therefore, positive for both gold and silver," Steel adds. Story here

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