Slope of Hope Blog Posts

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Metals Ups and Downs

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This week, gold and silver continue to make sweeping historical moves. On one hand, the gold price broke through first $1850, then $1900 within two days. On the other hand, the silver price exceeded $20 on July 20th, then saw $21, $22, and $23 in the following days. Although the silver price doesn’t seem much more significant as compared to the gold price, silver actually increased faster. Therefore, silver is currently outperforming gold. So what caused this monumental change with gold and silver?

Precious metals such as gold and silver are “safe haven” assets. This is because these metals are precious, highly liquid, low-risk, and carry their own values. Since the production of precious metals is controlled, their supply is balanced, which helps retain their prices. However, COVID is one major factor that helped spike precious metals’ prices. In addition to gold and silver, platinum is up this week.