Silver spiked up $1.12 to $47.71 per ounce and is closing in on the $50 level that was achieved only once in history –

Silver Bolts Toward $50, Gold Hits Another Record

While markets were closed in observance of Good Friday, the spot prices of gold and silver continued to move higher.  Silver spiked up $1.12 to $47.71 per ounce and is closing in on the $50 level that was achieved only once in history –

 in January 1980 when the Hunt Brothers attempted to corner the silver market.  Gold’s sister precious metal is set to finish higher for the fifth consecutive week. Gold hit anther all-time high overnight, touching $1,512 per ounce before settling back at $1,509, up $4.00 from yesterday’s close.  Gold prices rose for the third consecutive week, climbing as the U.S. dollar fell to its lowest level since August of 2008 as measured by the U.S. Dollar Index (DXY).

All eyes turn to Chairman Bernanke and next week’s highly anticipated Federal Open Market Committee.  While rates will almost certainly stay put near zero, investors will parse every word of the accompanying policy statement for clues as to what impact the recent uptick in inflation and in commodity prices will have on the direction of monetary policy.