SILVER TAKES OUT Hunt High In Euros proclaimed the Zero Hedge blog on Monday, writes Adrian Ash at BullionVault, pointing to the Hunt Brothers' failed corner at $50 per ounce in January 1980.

Regular readers of Zero Hedge's breathless hyperbole won't choke to know it was wrong, this time by only one third. Mistaking (and showing) a chart of month-end prices for a chart of daily Silver Prices, Zero Hedge's pseudonymous host, Tyler Durden, missed the true Euro-equivalent spike to €32.80 per ounce hit back on 18 January 1980.

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Set in what was then the Deutsche Mark, and figured across the decades at the irrevocable exchange rate of DM 1.95583, that all-time top in the single Eurozone currency still stands, some 34% above this week's top so far. Contra Zero Hedge, that record was set the very same day as the Dollar's record Silver Price...still some 46% above the metal's latest 31-year high.

Still, the point is near-enough made. Because the spike of three decades ago came and went in a blink. And silver, like gold, isn't just about the Dollar, even though its latest surge coincides with the latest plunge in the US currency.

Instead, Silver Bullion has also caught a strong and growing bid over the last 5 years against the Dollar's upstart challenger too. And since the Euro debt crisis really got started 12 months ago, the silver price has scarcely looked back...rising 108% from the start of 2010.

The Euro as a currency is not in crisis. The single currency is sound and credible, said European Central Bank president Jean-Claude Trichet in an interview with Italian magazine L'Espresso earlier this month. Which, a little like Zero Hedge, is both premature and misleading. Because the Euro as a currency doesn't have to achieve very much to retain the same credibility as its modern-day competitors.

Against the older monetary measures of gold and silver, on the other hand, the Euro looks just as weak as the other three big four reserve currencies – the Dollar, Sterling and Yen.