Silver Rises to 30-Year High, Gold Gains on Middle East Unrest

Silver extended a rally to a 30-year high, and gold climbed to a one-month peak as mounting unrest in the Middle East spurred demand for precious metals as a haven. Palladium jumped to the highest in almost 10 years.

Egypt approved a request from Iran to send two naval ships through the Suez Canal on their way to Syria, while Israel called the passage a “provocation.” Bahrain’s security forces attacked protesters for a second day. Gunfire broke out in Yemen’s capital, Sanaa, as pro-democracy demonstrations spread to Libya and Iran.

“If you see violence, you would buy precious metals for a safe haven,” said Peter Fertig, the owner of Quantitative Commodity Research Ltd. in Hainburg, Germany.

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