Silver and gold prices experienced a rollercoaster ride recently, with prices initially surging to near all-time highs before dramatically falling, according to BBC Business. The volatility has prompted warnings for sellers to be cautious amid the market fluctuations.
The price of silver recently hit a milestone of over $100 per ounce, although it has since moderated, according to CBS News. This is substantially higher than the $30-per-ounce price seen a year ago, leading to increased interest in silver as an investment. Gold prices also reached fresh records in January as investors sought "safe haven" assets due to geopolitical uncertainties, according to BBC Business.
However, the rally reversed course on Friday, with both gold and silver prices plummeting, according to BBC Business. Spot gold prices fell nearly 10% at one point, while silver slumped by 15% before both metals recovered some ground, according to BBC Business. Peter Hoskins and Nick Edser of BBC Business reported that the fall in metal prices on Friday occurred after President Donald Trump nominated Kevin Warsh, a former central bank governor, to be the new chair of the US Federal Reserve.
Despite the recent slump, precious metals remain much more valuable than they were a year ago, according to BBC Business. The frenzy surrounding gold and silver prices highlights the volatility of commodities trading, prompting experts to advise potential sellers to be wary of being exploited. Brian Leonard, who was queueing outside of Hatton Garden Metals in London to sell a silver plate, told BBC Business that he did not expect to be there but was happy to wait.
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