Gold & Silver Strong As Safe Haven Buying Continues

Golden Rule Radio • Apr 19 2024
Gold & Silver Strong As Safe Haven Buying Continues
MPM Posted on April 19, 2024

Here’s our weekly report on the price moves of precious metals for April 19.

Let’s take a look at where precious metals stand from what we reported a week ago.

The gold price is at $2,374. It’s up about 1.7% from the week before, and it also reached an intraday high of $2,420. So it’s been a big run up for gold over the last week. 

The silver price is at $28.32, up about 1.4% from a week ago. It reached almost $30, peaking at around $29.80. 

The other two white metals are lower this week.

The platinum price is at $948, down 3% since last week. 

And the price of palladium is at $1,044, down about 5% for this week. 

The dollar is still holding strong, up to  $106 now. 

So the gold to silver ratio is relatively unchanged this week, sitting right around 84 to one.

Why is the price of gold higher? 

Gold is a safe-haven investment that performs well amid geopolitical instability. What’s driving demand is buying in China and tensions in the Middle East.

Chinese continue their gold buying frenzy

It’s not Western demand that is driving gold higher. Investors in the US are buying into cryptocurrencies, the so-called modern day version of gold. 

China prohibits their citizens from investing in crypto. So instead of Bitcoin or Ethereum, the 20 to 30-year old Chinese investors are buying up physical gold like there’s no tomorrow. Because demand for real, physical gold is so high in China, investors there are paying anywhere between 20% and 30% premiums to own the yellow metal.

Tension Between Israel and Iran 

Tension between Israel and Iran could drive gold even higher. If Israel makes the move to strike against Iran’s nuclear facilities, there’s a chance that gold breaks above $2,400 per ounce.

Will gold continue its run up to $2400

Tune into this episode to get all the details of our team’s analysis. 

With low US demand, now is the time to buy gold. Get in touch with your McAlvany advisor to get personalized strategies for your precious metals investing plan. 

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