• Price Change UP Icon Gold $2,193.00 +17.00
  • Price Change UP Icon Silver $24.60 +0.21
  • Price Change DOWN Icon Platinum $904.00 -4.00
  • Price Change UP Icon Palladium $1,006.00 +0.00
Devaluation of Currency
August 9, 2023

Will the trend to hedge in tangible assets continue?

The Wall Street Journal, by Francesca Freeman in
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”Spot gold traded just short of a fresh record high in Europe Tuesday, amid increasing fear that the U.S. will be unable to repay its debts.

In mid morning, spot gold was at $1,622.19 a troy ounce, having hit a new all-time high of $1,625.54/oz earlier.  Late Tuesday in New York, gold was bid at $1619.90.

The rest of the precious metal complex was also higher.  Palladium was trading at $836.25 per ounce, just short of a fresh five-month high of $842.  The metal was bid at $833 late in New York.

Spot silver was at $40.898 per ounce, from $40.91 in New York, and spot platinum was at $1,805.50 per ounce.  Late in New York, platinum was bid at $1,802.00.

Gold prices have rallied in recent weeks amid increased appetite for tangible assets amid economic uncertainty in both Europe and the U.S.  While debt contagion in the euro zone remains a major concern, a debate over the raising of the U.S’s borrowing limit is at a stalemate, heightening concern that a deal may not be reached by Aug. 2, triggering a default on the country’s debts and a downgrade of the nation’s AAA credit rating.

While both a resolution to the debate and a U.S. default could trigger some short-term losses in gold, the metal’s general path looks set to remain upward, said traders and analysts Wednesday.”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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