The Gold and Silver Cycle
In the past two weeks, gold and silver has dropped to a monthly low we haven’t seen since July. Last week we hit a weekly low gold price of 1308.84 USD/oz. and 18.56 USD/oz. for silver, and ended the week with a weekly high of 1326.85 USD/oz for gold and 1948 USD/oz. for silver. But many say this is normal.
At the end of June, we saw gold prices and silver prices sky rocket. This was caused by the U.K.’s decision to leave the European Union, which caused chaos in the markets. Many gold and silver buyers saw this as an opportunity to invest into gold and silver as a safe haven against the markets. This caused the demand of silver and gold to go up, which caused the gold and silver prices to go up.
When there is a drastic growth in demands, there is an expected temporary drop as demands start to die down, which we saw at the end of July. Due to the low monthly prices, many investors started to buy again, which shot back up the prices of gold and silver. We are seeing this play out today as prices has shot back up after the Labour Day long weekend.
Watch the gold and silver prices! It is important to stay up-to-date with the latest gold and silver prices, to know when to invest. We also suggest investing into silver, many analysts believe that silver may surpass the price of gold in the upcoming silver. Silver is the underdog that seems to be coming up this year.
Canadian Bullion Services is an international precious metals dealer headquartered in Toronto, that is ranked among the top precious metal dealers in Toronto. Visit our main site for more information, and keep up with us on Twitter and Facebook. Don’t forget to check out our weekly posts every Tuesday!
Do you think the gold and silver price will drop again?Let us know in the comment section below!
Share this post