Dollar Debasement Fears Send Gold and Silver Soaring
The gold and silver markets closed out a strong week on Friday, with prices rising due to renewed fears of U.S. dollar debasement.
The yield on the 10-year U.S. government bond reached its highest level in 20 months, despite the announcement that the U.S. would be doubling its purchases of longer-term securities.
This move was expected to lower yields, but instead it has sparked concerns about the economy and the value of the dollar.
Gold futures closed at $4,661.60 on Friday, a 1.89% gain for the day and over 5% for the week.
Silver futures also rose, closing just above $69 with a 2.09% gain for the day and 6.46% for the week.
Bitcoin was the biggest beneficiary of the dollar's decline, surging $5,400 on the day and nearly $16,000 for the week.