Gold prices crossed the $2,000 threshold for the first time in history, closing at $2019.40 per ounce Tuesday, Aug. 4, on the New York Mercantile Exchange.
Kitco’s Jim Wyckoff said both gold and silver closed the day at a seven-year high. Silver prices continued to rise Tuesday, opening at $24.39 per ounce and reaching $25.91 per-ounce by midday, a price that represents a more than 60 percent increase over silver trading prices from one-year ago.
“Both precious metals are continuing to see strong support from safe-haven demand amid the worrisome rise in Covid-19 infections, geopolitics and concerns about problematic price inflation in the coming months,” he said.
Nevada Gold Mines Executive Managing Director Greg Walker said during a recent Elko City Council meeting when gold was at $1,960 that he would actually like to see prices drop to some extent.
“I would like for gold prices to go down in some ways because if it goes down it means we are past COVID-19 and we are getting back to normal,” Walker said. “Part of me wants it to stay at $2,000 and the other part of me wants it to go back to $1,400, which is where it was before COVID-19 started.”
“It is going well at the moment,” Walker added.
Share prices in Nevada gold producers also saw a rise Tuesday, with Barrick Gold Corp. trading at $29.50, up 78 cents, and Newmont Corp. shares at $59.06, up $1.46. Kinross Gold Corp. shares were at $9.52, up 29 cents; SSR Mining shares were at $24.25, up 54 cents and Hecla Mining shares were at $5.97, up 38 cents.
Gold prices were around $1,500 when the pandemic hit the U.S. in mid-March.
“The charts remain solidly bullish, which is also inviting the technically based traders to the long side of those markets,” Wyckoff said. “Importantly, there are no early warning technical signals to suggest market tops are close at hand in both metals. Thus, the path of least resistance for them will remain higher.”
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