Thanks to that "party animal" Ben Bernanke, silver prices today are enjoying a nice bounce.
That's because the U.S. Federal Reserve chairman, along with the other members at the Federal Open Market Committee (FOMC) meeting yesterday, decided to keep the quantitative easing (QE3) flowing steady with $85 billion of bond buying per month.
After the Fed announcement, silver prices rallied by 5.5% to more than $23 an ounce. That's the precious metal's biggest one-day gain since June 28.
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current silver prices
Investing in Silver: States Support Move to Metals as Dollar Weakens
Investing in silver and gold has become more attractive since the U.S. dollar just doesn't have the clout it once did.
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."