A day after the new debt ceiling bill was signed by President Obama, silver prices jumped to new highs of around $41/ounce. The increase in silver investment is due to the continued global debt crisis, particularly in the US and Europe, as well as a weak US dollar and low economic growth. However, another factor is making itself known in the conversation, and that is the rise in silver mining investment.
Due to the increasing demand for silver, more people are now investing in mining companies and ETF’s that would try to get more silver from the earth, which could keep silver costs from spiraling uncontrollably upwards, but would ensure that there would always be supply to meet demand, especially since India is becoming a large purchaser of silver recently.
Don’t forget though, if you want silver, go get some. Makes a great gift, and as always, it’s good honest money!
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