Silver, the Stepchild of Gold. Silver is ‘commonly referred to as ‘the poor man’s gold’

October 18, 2012 in Gold, Precious Metals, Silver

By Heide B. Malhotra Staff

With the value of gold skyrocketing, silver has been viewed by investors as the stepchild of gold, which reached the New York spot price of $1,778.40 on Oct. 3, while silver lingered around $34.60, according to the Kitco website.

In contrast to silver, even platinum, palladium, and rhodium were selling at a much higher price than silver on Oct. 3, at $1,684, $650, and $1,200 respectively.

The cumulative average gold price was $279.11 in 2000, reaching $1,224.53 in 2010 and $1,653.57 on Oct. 3, while the cumulative average silver price was $4.95 in 2000, $20.19 in 2010, and $30.69 on Oct. 3.

Silver is “commonly referred to as ‘the poor man’s gold” and gold’s ugly cousin and other derogatory phrases. And since the age of electronics has set in, 90% of it is used for such inglorious things as connections in our gizmos, which wind up at the bottom of our landfills,” an Oct. 1 article on the Seeking Alpha website states.

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