Gold Continues to Make History
After an epic run that has seen Gold prices set new all-time highs on ‘multiple’ occasions in the first quarter of 2024, it’s fair to say we’re currently watching the precious metal making history as prices continue to aim for even greater heights.
There has been considerable excitement in the Gold market lately with the price soaring above $2,300 an ounce for the first time ever. However, trader’s attention is now starting to turn to Silver on rising expectations that the grey metal will be next to hit new record highs.
The Epic Run of Gold
Gold has been on an epic run since October last year, rallying from near the $1,800 level to score back-to-back all-time record highs in March – not once, not twice, but on multiple occasions.
During March, we saw Gold prices breach $2,159 an ounce, $2,180 an ounce, $2,222 an ounce, $2,225 an ounce, and $2,236 an ounce mark – notching up “five” back-to-back all-time record highs within a period of just 21 days.
Gold’s unstoppable bullish momentum has spilled over into April – sending prices to a new all-time high of $2,305 an ounce – extending its gains by an impressive 28%, within the short space of 6 months.
Silver Begins to Shine
Meanwhile, Silver prices have climbed above the key psychological level of $27 an ounce for the first time in 2024.
According to analysts at GSC Commodity Intelligence, Silver has historically lagged behind Gold but has the potential to outperform once it starts gaining momentum. This could indicate that Silver is gearing up for a significant rally in the near future.
Analysts’ Predictions for Silver
Analysts at GSC Commodity Intelligence foresee Silver prices trading between a range of $37.50 to $50 an ounce, with the possibility of surpassing this forecast if Gold prices continue to rise. They believe Silver is a strong trade opportunity and one to watch closely in the second quarter of 2024.
Whichever way you look at it, one thing is clear. Silver is still relatively cheap compared with Gold and certainly has a lot of catching up to do. To quote analysts at GSC Commodity Intelligence – “Silver is definitely the best trade right now and the one to watch throughout the second quarter of 2024”.
Looking Ahead
With Gold prices reaching new highs and Silver showing signs of strength, the precious metals market is poised for further exciting developments in the coming months. Keep a close eye on both Gold and Silver as they continue to make waves in the financial world.
Where are prices heading next? Watch The Commodity Report now for the latest price forecasts and predictions.
Insight:
The article highlights the historic run of Gold prices, setting multiple all-time highs, and the potential for Silver to follow suit. Analysts predict that Silver could see significant price gains in the near future, making it an attractive trade opportunity. As Gold and Silver continue to capture the attention of traders and investors, the precious metals market is expected to see continued volatility and potential record-breaking performances.