Invested in silver? Then you want to know why silver prices are down today. Here’s the story, as well as what’s ahead in 2013 for the white metal. .Click here to read more...
current silver prices
Fears over where the dollar is headed - especially with continued money printing from the central bank - has pushed safety-seekers into investing in silver and gold. Demand has also pushed gold and silver prices to new highs.
The idea of using gold and silver as an alternative currency has spread as the metals have grown more valuable.
In fact, worries that the U.S. dollar is on the cusp of a collapse have lawmakers from more than a dozen states (up from just three in the past few years) seeking approval from their state governments to either issue their own alternative currency or use gold and silver as a currency for settlement of state-related transactions.
Rep. Glen Bradley, R-NC, who introduced a currency bill in 2011, told CNN Money, "In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System... the State's governmental finances and private economy will be thrown into chaos."
Without question, both are worthy of note - but the real star over the past eight months has been silver.
Stocks, gold and silver all hit cyclical lows during the final week of August 2010. The Dow Jones Industrial Average bottomed on Aug. 26, closing at 9,985.81, while June Comex gold futures closed at $1,223.30 an ounce on Aug. 24, and July Comex silver contracts settled at $18.121 per ounce on Aug. 23.