The Spot Price of Gold Bullion in Futures markets has just hit $4,441.10 per ounce and Silver has reached $69.05 per ounce. These are the highest prices in history - and the precious metals show no sign of stopping their rise in price.
As the United States government continues to Deficit-spend, and print money to pay for its excessive spending, they are eroding the value of all the other US Dollars in circulation, leading to a drop in purchasing power of all the Dollars in the world.
The erosion-of-value is one of the chief reasons the price of Gold is rising. Silver is another story.
The meteoric rise of Silver this year is directly tied to new battery technology from Samsung. Samsung has found a viable way to use Silver as the anode inside rechargeable batterie; the kind of batteries used for Electric Vehicles (EV's).
While present technology gives EV's a range of about 300-400 miles, then needing HOURS to recharge, Samsung's new batteries can provide 600 mile range, and fully recharge in NINE MINUTES!
In order to achieve that, Samsung will need about 1 kilogram (2.2 pounds) of silver, per car battery. But right now, even with all the silver mining around the world, the silver market is already SHORT about 200 million ounces a year. Samsung's new technology will cause that shortage to rise by an estimate 800 million ounces per year.
With physical silver metal becoming scarce, the price is skyrocketing; up about 67% this year alone. There's no sign of the price hike abating.
