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Investor endorsement sends silver prices to 10-year high

A huge endorsement by one of the world's richest investors has sent silver prices surging to a 10-year high, raising memories of a speculative binge in the early 1980s that wound up trashing the metal.

Silver surpassed $7 an ounce Wednesday for the first time since January 1988 after legendary investor Warren Buffett's company, Berkshire Hathaway, disclosed late Tuesday it had acquired 130 million ounces of silver, now worth $910 million.Berkshire's stake represents an estimated 20 percent of the world's silver supply, excluding jewelry and other manufactured items. Buffett has legions of followers who track his every move, but rarely has the advocate of buy-and-hold stock-investing steered them to the commodities pit.