Wealth management through precious metal investment to rise?

Wealth management through trading in precious metals may be set to rise, as the value of silver hits a two-and-a-half-year peak and experts claim weak US economic data could increase the value of gold.

Those with private wealth may fear riskier assets will depreciate, causing spot prices for silver to soar to $20.65 (£13.23) an ounce, a level not seen since early 2008, Reuters reveals.

An alternative safe haven investment, trade in precious metals is more popular when risk-taking appetite is low, with slowing US industrial output during August potentially prompting the current rally.

Ong Yi Ling, analyst of Philip Futures, reported: "We're seeing a bit of consolidation before gold gets some momentum and continues on its upward trend," adding: "The support level for gold is at $1,260."

On Tuesday the precious metal reached a record high of above $1,274 an ounce, before losing $1.07 on Wednesday to sell for $1,269.20. ADNFCR-2318-ID-800067676-ADNFCR