Silver Prices Surging on Near-Record Demand
The price of silver is surging and so is business at many coin dealers across the country. At Plaza Collectibles, an appraisals shop in Manhattan, owner Lee Rosenbloom says he’s seeing a tremendous demand both in new and older silver coins. “This is probably the strongest demand there’s been in the last 25 years,” he says.
For many investors, silver is a more affordable alternative to gold. Gold coins are traded based on a spot price that is currently almost $1,400 an ounce.
Silver coins are based on futures prices that are under $30 an ounce. “Silver coins are a relatively cheap gift and way for people to accumulate wealth,” says Blanch.
The strong interest in silver has created a record month for sales of the 2010 Silver American Eagle bullion coin, according to the U.S. Mint. Silver coin sales are up 22 percent compared to this period last year and 30 percent since 2007.
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