Oil is Hot, Silver is Hotter
Oil is getting all the headlines, as it jumps over $100 a barrel for the first time in 3 years as Libya's production is essentially shut down. But it's silver that's really setting records.
Silver
hit a 31-year high just below $35 an ounce on Tuesday.
Silver is benefiting from the same inflation concern that's pushing gold prices higher. But unlike gold, silver also has industrial uses.
That means silver prices may be more stable than gold.
Many analysts think silver could hit $50 an ounce this year. Terry Hallon, president of Dillon Gage Metals, thinks silver is headed to $75 an ounce.
"People are looking for hard assets. Yes, the current situation in the Middle East is compounding matters," he said. "But sovereign debt issues around the world are not going away. They are long-term problems with no quick immediate solutions."
Silver at $75 an ounce would mean huge gains for silver stocks.
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