(NEW YORK) -- Gold and silver prices surged to new records Tuesday as the dollar weakened against major currencies, continuing a trend that has left Americans scrambling for alternatives to traditional investments such as stocks and money market accounts.
Silver touched $22 an ounce Tuesday, the highest since 1980. Silver has surged 36 percent this year from less than $9 when the financial crisis began in 2008. Gold, which has increased 19 percent in 2010, jumped to $1,313 an ounce, the highest ever recorded.
With stocks in the dumps and government deficits spiraling, Americans are increasingly turning their attention to silver and other precious metals. The high price of gold has prompted investors to load up on cheaper silver. Silver has gained 21 percent in price versus gold this year. Low interest rates are another factor in the rush to precious metals, experts say.
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