Colorado Goldfields Inc. provides this commentary as Part 9 of its “Gold Dynamics in the News” series.
In March 2010, Company President Lee R. Rice predicted that the price of gold would rise to $1,300 – $1,500 per ounce by year end. On March 2, 2011, gold prices topped $1,440 per ounce as unrest spread across the Middle East and North Africa, fueling interest in the precious metal as a haven from risk, and as oil prices surged.
On Wednesday, March 2, 2011, gold expert Peter Schiff, CEO of Euro Pacific Precious Metals, published an important insight for all metals investors. Silver is also experiencing an unprecedented increase in value; maybe even more than gold.
“If the world were going to hell in a hand-basket, then I would expect gold to outperform silver. However, it is only the developed economies that are on the rocks — and only the US that faces true catastrophe. Thus, we have seen silver outperform gold for the last eight years. The market is telling us that while uncertainty reigns supreme, the global economy will prosper in the years ahead. While gold most effectively insures the investor against economic devastation, silver offers both a shield against monetary turmoil and exposure to market growth,” states Schiff in his article.
The full article may be found at:
“This is very important to Colorado Goldfields because the Pride of the West Mill also processes silver. Just as Schiff said, ‘In the world of precious metals, silver spends a lot of time in the shadow of its big brother gold.’ Nevertheless, silver has always been part of the picture for the Company,” stated Stephen Guyer, CFO of Colorado Goldfields.
“The permit for the Pride of the West authorizes the processing of gold, silver, lead, cooper, and zinc. We have always been positioned to take advantage of silver as well as gold in our milling operations,” said John Ferguson, Director of Operations for the Company.