With the announcement of a rise in interest rates over in Europe, gold and silver prices at first dipped. After time the precious metals both broke records and continue their rise.
By Jennifer Hughes, Jack Farchy and Gregory Meyer
FINANCIAL TIMES
Published: April 8 2011 19:08 | Last updated: April 8 2011 19:08
When Jean-Claude Trichet announced a quarter-point jump in interest rates this week, gold and silver prices dipped as the European Central Bank chief emphasised his inflation-fighting focus.
But the two well-known inflation hedges were only temporarily dented by the tough talk; on Friday silver pushed above $40 a troy ounce for the first time since 1980 and gold pushed to a new all-time high in nominal terms at $1,474.19.
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