Gold has been the precious metal getting all the attention as investors piled into the safe haven asset on the economic fallout of the pandemic. Gold price broke all-time records in August, reaching $2,050/oz.
But silver has also had an outstanding year, with its gain almost double gold’s, Bloomberg reported. The rise has come off the back of a weakening US dollar, plunging real rates and geopolitical tensions — all of which give investors motivation to seek haven in precious metals.
Colin Plume, founder and CEO of Los Angeles-based precious metals broker Noble Gold, said prior to the pandemic, he saw investors buying gold and silver at a 60/40 ratio, but now the buying is nearly 50/50.
“We’ve seen a pretty dramatic uptick in our business since the shutdown, well over a 30% increase since March,” Plume told MINING.COM. Silver was down 0.4% Monday at $26.87 an ounce after hitting a high of $29.13 on August 10th.
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