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March 11, 2011 / Jeb

This Week in Gold and Silver: Japanese Earthquakes, Mideast Turmoil and Eurozone Debt Fears

Gold (SPDR Gold Shares (GLD)) is breaking into new 52-week highs and silver (iShares Silver Trust (SLV)) is at its highest point in more than 30 years as Libya, one of the largest oil producers, faces a civil war and as earthquakes and tsunamis rattle Japan. Libya is not following Tunisia and Egypt with a somewhat moderate transition; this revolt has been extremely violent and bloody. A lot of the fear at the moment is due to concern that protests could spread to Saudi Arabia. Investors are fearing the rapid rise in oil (iPath S&P GSCI Crude Oil TR Index ETN (OIL)) prices may be the spark that hurts a questionable global economic recovery as equities (SPDR S&P 500 (SPY)) sell off, bringing down some miners to extremely cheap levels considering the high price of gold and silver bullion.

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