Precious metal prices have delivered one of the strongest months on record in August. Gold has hit a record high in July, trading above USD$2000 per troy ounce. Silver has also continued to soar, up more than 30 percent for the last month. Precious metal prices are continuing to deliver, and they don’t look like they are going to stop climbing.
Gold and silver’s success continues to see support from safe-haven demand amidst the COVID-19 pandemic, geopolitical developments and fluctuating market concerns. As such, investors are looking for ways to preserve their purchasing power. Gold and silver are the absolute best form of protection in terms of financial preservation, and for passing wealth from one generation to the next. With these precious metals hitting record prices in most currencies over the past few weeks, it is easy to see why people are investing them.
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Gold has surged a stellar 33% so far this year, supported mainly by lower interest rates and widespread stimulus by global central banks to ease the economic blow from the pandemic. Other precious metals have also followed this rise, with silver soaring as much as 7.3% to a one-week peak of $26 an ounce, platinum rose 2.2%, and palladium rose 2.2%.
It leaves us all wondering, where are the prices heading next? And is now the right time to jump on the gold train?
Related Article: Gold prices heads back to high prices in Australian dollars.
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