Gold Nears $ 1000, Silver Jumps Most in 22 Years

June 1, 2009

This morning, precious metals prices surpassed 3-month highs set last week. The price of gold rose to $ 989, just shy of the important $1,000 resistance area. Gold has surged nearly 10% in May, its best month since November 2008.

Meanwhile, silver has risen 27% over the past month, its largest monthly jump in 22 years. Growing demand for silver persists as both a precious and industrial metal.

While gold is trading above its 2008 average price, silver is still lagging. At just above $15 per ounce, silver is still 20% lower than its high of $ 21 set in March 2008.

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