Silver, Gold Rise to Records on Bets China’s Demand Will Climb
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Silver and gold surged to records in London on speculation that China will buy precious metals to diversify its foreign-exchange reserves.
China, with more than $3 trillion in reserves, plans set up new funds to invest in energy and precious metals, Century Weekly magazine reported, citing unidentified people. Silver for immediate delivery surged to a record $49.79 an ounce, and gold reached $1,518.32 an ounce.