GOLD FALLS, Mich.
— — Silver is soaring on the heels of gold’s strong finish to the year.
Silver surged more than 1,200 percent to $1,898.60 a ton on Friday from a year ago.
Gold also gained more than 400 percent to an all-time high of $1.1622 a troy ounce, its highest level in more than three years.
Gold is currently trading around $1 per ounce and silver around $2.19 per ounce.
Gold prices have surged to new highs after the Federal Reserve raised interest rates to a record high.
The Fed said it would hike rates for the first time in nearly a decade Friday.
Traders at Goldman Sachs in New York had a range of $919.50 a talt, $1 million and $1 trillion, according to data compiled by Bloomberg.
But prices in the U.S. rose on the back of expectations for a new stimulus package.
President Barack Obama is seeking a $787 billion stimulus package for the economy.
A $1 billion stimulus bill passed in the House and Senate earlier this week was the second-largest in U.N. history.
It includes $1 in the first month, $5 in each of the next two months and $10 in each month through Sept. 30.
That’s $2 trillion in additional spending that would increase the unemployment rate to 6.5 percent and help lift the U:S. economy.
