Silver Plummets 27.7% in 2008

2008 turned out to be a rocky year for silver. The London silver fix kicked off on January 2 with a price of $14.93 an ounce. The precious metal closed Wednesday at $10.79 to finish the year with a depressing 27.7 percent decline.

Silver futures for March delivery climbed on Wednesday to $11.295 an ounce on the Comex division of the New York Mercantile Exchange. However, New York was no better for silver in 2008 as it plunged 24 percent.

Gold on the other hand managed to swing upward. New York gold for February delivery on Wednesday closed up to $884.30 an ounce. The yellow metal ended higher in 2008 for the eighth consecutive time, jumping 5.5 percent. London gold also gained, rising 2.2 percent in the last twelve months to finish the year at $865 an ounce.

Where is silver headed in 2009? No one has a crystal ball, yet some are forecasting that it will outperform gold.

"I like gold and silver, but I like silver just a little bit better," Hanlon of Delta Global Advisors was quoted at Bloomberg.com.

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