Precious metals have had quite the journey during this 2024 election season with gold skyrocketing to its highest price in history. But as the votes from yesterday’s election been counted into the morning and Donald J. Trump’s victory has been fully confirmed, gold particularly has had the biggest and fasted spot price drop in months. Silver has not been spared either, as both hit recent lows of $30.83 silver spot and $2652.71 right around 9:35 AM this morning.
It is clear that the reputation of Donald J. Trump’s broadly successful economy during his four years as president from 2017-2021 has given the market confidence in his ability to move the country back in that direction after difficult years of economic recovery starting with the COVID-19 pandemic in early 2020. With this successful presidential campaign behind us, the message Trump re-iterated through a surge of rallies, interviews, and viral campaign strategies gave the country at large confidence in his ability to right this ship.
While there are still questions about the transition that will be completed on January 20th, 2025, we’re already seeing market correction a couple hours after these spot price lows. There is a lot of uncertainty around Trump’s efforts to unite this country behind him and how he’ll handle domestic and foreign issues that have played a huge part in gold and silver’s huge jumps compared to where they were sitting a year ago. Maintaining a healthy collection of gold, silver, and copper will continue to be an intelligent choice in this very unpredictable world and despite these setbacks, broad speculation is that both gold and silver will continue their ongoing rise into 2025 and beyond.
Our GSM Spot Price Charts are always updating to give you the most accurate prices for excellent gold and silver products.
