Silver Prices Soar Amid Inflation Concerns

Before you go, we thought you'd like these...
Before you go close icon

Silver prices touched a 30-year high Monday, breaching $30 an ounce as inflation-fearing investors sought the safety of precious metals.

In a 60 Minutes interview last weekend, Federal Reserve chairman Ben Bernanke said the U.S. government may buy more bonds in a third round of quantitative easing to attempt to cut unemployment.

Last week, the U.S. Labor Department said November's unemployment rate rose to 9.8% from 9.6% in October while the U.S. private sector added just 50,000 jobs, about a third of what analysts forecasted.

But the idea of more quantitative easing is controversial. The Fed drew plenty of criticism for its Nov. 3 decision to buy $600 billion worth of bonds, and government officials -- and many others -- continue to debate the merits of that second round of qualitative easing.

Precious-metal prices have been rising all year as investors look for a safe haven from currency volatility. Silver for March delivery rose 1.6% to close at $29.74 an ounce Monday.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading