02.10.2014 - Analysts see silver lining as precious metal hits four-year lows
Silver - for which Australia is one of the world's leading producers - has hit four-year price lows, falling beneath $US16.90 per ounce during intraday trading on Wednesday. Although not one of Australia's major resources in terms of production or export value, 59.2 million ounces of the precious metal was extracted from the country's mines in 2013, just over $US1 billion worth. This puts Australia in fourth place worldwide, behind China, Peru and top producer Mexico. Unfortunately for silver fans, it's all been downhill since April 2011 when silver reached its nominal record high of $US49.76 per ounce. The reason is simple, say analysts: silver tends to track gold very closely. Gold has become less popular as monetary policy in the United States normalises and silver is following faithfully behind...............................................Full Article: Source
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