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Silver prices reached the maximum level for the first time since 2013. Today, the price is $23.27 per troy ounce. The price of gold also continues to grow and now, it is at the level of $1,874 per troy ounce. Analysts believe that by the end of the year, gold will rise in price by 20%.
The market situation is rather difficult and uncertain. Large-scale support measures and unprecedented printing of banknotes could lead to higher inflation. Key interest rates in the United States and in many other countries around the world remain negative. Moreover, the US presidential elections will be held in November amid the threat of a second wave of coronavirus infection. However, investors tend to buy precious metals.
Before gold reached its highest level ever, investors were interested in silver. Gold has gained 23.34% and silver 28.80% since the beginning of 2020. In a month, the silver metal jumped by 26.3% while gold grew just by 5%.
Ole Hansen, the head of commodity strategy at Saxo Bank, explained why prices are so volatile today. The reason is low liquidity during the summer season, when it is easier to push prices up or down.
Saxo Bank believes that the weakening US dollar and surging gold will drive silver to new highs. Commerzbank experts stand in solidarity with Saxo Bank. They are confident that the upward trend will continue. Now, it is time to take advantage of the price drop and to buy at more favorable terms.
The reason for the price growth was the scandal between the United States and China during a difficult epidemiological situation in the US and India. Washington and China have threatened each other to close a number of consulates in the two countries. Due to this, investors began to buy precious metals to protect their savings in case of a worsening crisis.
Gold and silver prices have been rising continuously since the beginning of the pandemic. A sharp spurt upward occurred due to the weakening of the dollar after the European Union approved a package of support measures for the eurozone economy in the amount of 750 billion euros. As a result, prices for precious metals renewed their 9-year highs.
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