Gold and Silver Prices Near Record Highs

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The big banks for precious metals have been meeting daily to set prices since 1897.  Now, gold has set an all-time record of $1518.20 an ounce, and silver's approaching the so-called "psychological barrier" of $50 an ounce. Both approached record highs today and then dropped off a bit as the dollar increased in value. Peter Coy is Economics Editor for Bloomberg BusinessWeek.




Warren Olney