Gold Hits New Record, Silver at 31-Year High

Posted by Adam Sharp - Thursday, March 24th, 2011

Update: Like clockwork, the CME spoiled the surge in silver by hiking margin requirements. A temporary, almost desperate measure. More at Zero Hedge.

Higher and higher we go. Silver crossed $38 today and gold briefly hit an all-time high around $1447.

gold all time highSource: Kitco.com.

Both metals then backed off a bit, but the overall trend is quite bullish. Especially for silver.

It seems that the horrific housing numbers and global turmoil are settling into the markets. More money-printing will be "necessary", in the U.S., Japan, and elsewhere.

The logical next-step is realizing that this "jobless recovery" is not self-sustaining. It's not real growth when it depends on debt monetization and other financial gimmicks.

Once that realization sets in and inflation gets bad, then we can talk about Fed tightening and bank reform. Unfortunately that's what it will take.

Until then, an end to Fed easing is a pipe dream. So gold and silver should go higher.

Coeur d'Alene's CEO said yesterday that "mid $40's" silver and $1500-$1600 gold are likely in 2011. Music to our ears.

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