Silver prices touched a 30-year high Monday, breaching $30 an ounce as inflation-fearing investors sought the safety of precious metals.

In a 60 Minutes interview last weekend, Federal Reserve chairman Ben Bernanke said the U.S. government may buy more bonds in a third round of quantitative easing to attempt to cut unemployment.

Last week, the U.S. Labor Department said November's unemployment rate rose to 9.8% from 9.6% in October while the U.S. private sector added just 50,000 jobs, about a third of what analysts forecasted.

But the idea of more quantitative easing is controversial. The Fed drew plenty of criticism for its Nov. 3 decision to buy $600 billion worth of bonds, and government officials -- and many others -- continue to debate the merits of that second round of qualitative easing.

Precious-metal prices have been rising all year as investors look for a safe haven from currency volatility. Silver for March delivery rose 1.6% to close at $29.74 an ounce Monday.


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dterraman

learn more about barter

December 07 2010 at 5:00 AM Report abuse +1 rate up rate down Reply
mikfete58

Silver American Eagle coins and pre-1964 American dimes, quarters, half dollars and silver dollars are what to own. If you didn't already buy gold and silver, the time is right before hyperinflation sets in in the next 5 years!

December 07 2010 at 4:32 AM Report abuse +3 rate up rate down Reply