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April 22, 2011 at 08:46 AM
For the sixth straight day, gold set a new record Friday, and for the seventh straight day, silver returned to highs not seen in 31 years as continued concerns over debt, oil, political unrest, and the U.S. dollar haunted investors.
Reuters reported that Friday saw new record prices for spot gold touching $1,512.50 per ounce before dropping back down to $1,507.69 in early European trading; it looks set to record a gain of 1.5% for the week in a fever that has taken its price to new heights for six straight days.
Silver outpaced gold in its race to the top, revisiting territory it has not seen since 1980 and coming in at $46.69 per ounce. If the day ends the way it began, silver will have risen 8.4% for the week, the largest weekly rise in two months. So far this year alone, silver has gained 51%; gold, in contrast, has added 6% for the year.
Debate continues over whether the ride will continue to be that of a rocket or whether it will turn to a roller coaster and plummet under pressure. While many analysts and traders said that a correction could be in store soon, calling the precious metal overbought, others say that there is still steam to power the ascent higher: after all, the worries that drove prices up have not abated.
