Spot prices for gold eclipsed more than $1,500 per ounce last Friday, setting a new record, on concerns of rising debt, inflation, and a weak dollar. Gold settled at $1,504 per ounce last week—the third straight session where it set new record highs. Silver also reached a 31-year high, at $46 per ounce. The highest price ever recorded was $48.70 per ounce in 1980.
Analysts don’t expect a pullback any time soon as government spending continues to soar and concerns over the fiscal stability of the United States continue to unnerve investors. Year-to-date, silver has risen by more than 50 percent.