Silver Bounces Back from Dubai Dip

Silver suffered a slight setback Friday on news that Dubai has had to delay billions of dollars in debt payments. Investors sold off silver and gold to cover their losses in equities and commodities markets. Silver hit a two-week low of $17.66 an ounce Friday, but managed to bounce back Monday to close at $18.47.

Silver hit a two-week low of $17.66 an ounce and gold fell to $1,136.80 Friday. But, both managed to bounce back Monday to close at $18.47 and $1,178.90 an ounce.

Gold is Still Silver’s Best Friend

Gold’s 5 per cent dip was little more than a “knee-jerk response” say some analysts, while others note that the yellow metal was due for a correction anyway.

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