PRICING AND PRICE DISCOVERY
Precious metals prices 2001–2011
Figure 8.2 shows that gold is now in the tenth year of an unparalleled bull run that started in the summer of 2001. Silver has posted gains in the annual price for nine out of the last ten years – the exception being in 2009 when a collapse in global economic confidence followed the banking meltdown and financial crisis of 2008. Since 2001 the average price of silver has risen by 596 per cent from US$4.37 to US$30.42 in 2011, when we saw the price reach US$49.50, the highest level since January 1980. The average increase in price between 2001 and 2011 was 23 per cent. The average price of platinum also rose in nine of the last ten years, with 2009 also posting an isolated reversal ...
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