Silver futures on Friday posted a gain of nearly 24% for the month, the largest since 2011, with the industrial metal finding support as global economies continue to reopen from pandemic-related shutdowns.
Precious metals have always been a safe haven in troubled times. Prices tend to spike at the moment of greatest pessimism about inflation. Have we got there yet? Probably not even close.
Warren Buffett's purchase of almost 3,500 tons of silver in 1997 helped turn Thomas Kaplan into a billionaire.
After the silver bubble burst in early 1980, the precious metal plunged in price from $50 an ounce to below $10, and it was widely dismissed as a bad investment.
"What really put and end to it was when Warren Buffett bought [those] ounces of silver," Kaplan, the chairman of NovaGold Resources, told shareholders this month.
"It became public that he had done this the week when I was…
“Silver has a well-documented habit of coming late to gold’s party, only to then dramatically outperform the yellow metal,” said Brien Lundin, editor and publisher of Gold Newsletter.
