Gold Flirting with All-Time Highs as Silver Awaits

November 30th, 2023 Comments

Gold has rallied sharply in recent days, and is currently trading over $2,040 per ounce – only $40 below gold's all-time high.

This is the 4th time the yellow metal has reached these price levels since late 2020. The rally could end here again, but technical analysis suggests a push toward $2,100 is likely to spark a large amount of new buying, driving gold prices substantially higher.

Such a breakout in gold can be expected to help silver finally conquer the $26 level that has thwarted the "poor man's gold" several times in recent years, with $30 being the next key price level for silver.

Silver today is still only half of its all-time high of $50, as its underperformance continues to disappoint precious metals bulls. That said, silver is thought to be the better value right now, along with platinum.

Meanwhile, premiums on coins, bars, and rounds have fallen to levels not seen for years, as the supply of retail forms of precious metals has finally caught up with demand.

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