Silver, gold jump on slow economy and cheap money

The Associated Press
January 30, 2013

Silver and gold are higher, spurred by a lackluster economy and signs that the government will continue to keep borrowing cheap.

On Wednesday silver for March delivery jumped 99.3 cents, more than 3 percent, to $32.177 per ounce. Gold for April delivery rose $18.90, more than 1 percent, to $1,681.60 per ounce.

That contrasts with the stock market, where all the major U.S. indexes are lower. Investors fretted about a government showing the U.S. economy unexpectedly shrank in the fourth quarter.

Other metals were also up, as were grains and most energy contracts. Benchmark oil rose 37 cents to finish at $97.94 a barrel in New York.