With the last couple weeks falling back from the recent highs of silver and record highs of gold, these precious metals returned to more bullish behavior the morning of Monday, 11/18 and that trend has continued into today with a bit of slow-down. While the incoming transition of power returning to President Donald J. Trump has changed the tune of a number of predictors suggesting gold will reach $3,000 next year, it clearly hasn’t stopped the upward trend of gold and silver entirely. Axel Rudolph of IG Bank suggests that the current stabilization may leave gold particularly in a sideways market, likely not falling below August’s recent low of $2470 or blasting past the next current target of $2800. Gold jumped back over $2600 yesterday and is stabilizing this morning around $2630, so Axel’s suggested interim target of $2700 in the weeks to come is a safe wager if gold can maintain steady growth after this month’s big setback.
Meanwhile silver has been bouncing up and down 30 cents as Monday evening turned to Tuesday morning, with lows around $31.20 occurring at 2:10, 3:40, and 8:30 AM while a high of $31.50 was achieved around 4:20 AM and a smaller jump up to $31.43 occurred at 8:00 AM. Silver is displaying similar sideways behavior since the lows of last Thursday that were a full dollar under today’s lows at $30.20, but with a trend toward steep bullish behavior given the last year of rising value. On this day of November 19th in 2023, silver spot was $8 cheaper at a low of $23.24, so even if prices remain more steady in the next year we’re much more likely to see incremental growth to $35-$40 through the coming years.
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