Thursday, May 5, 2011

Silver plunges, but Mexico central bank quietly buys 100 tons of gold

After flirting with $50 an ounce, Silver has dropped down to around $36 during trading today:
Does that mean that the economy has rebounded and precious metals should be shunned in favor of stocks or other financial instruments?  Um, no....
If anything (and remember I'm not an expert by any means or even much of a precious metals fan unless it's for long-term financial survival) this is probably a temporary dip and a chance to buy some Silver now that it has come off the recent highs.  The following article about Mexico buying 100 tons of Gold is a reminder that PM's definitely have a value beyond that of paper money.

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