Gold surges to all-time high; silver to seven-year high

(USAGOLD – 7/27/2020) – Gold surged to all-time highs in overnight trading as global investors rushed to safety amidst a growing list of concerns topped by an on-going breakdown in the U.S. dollar, further deterioration in U.S.-China relations, and record-high virus case counts over the weekend in Florida and Arizona. Gold is up $42 at $1946. Silver is up $1.62 at $24.48 – a seven-year high. Also driving precious metals prices this morning is speculation that the Fed might hint at even more aggressive policy measures at its meeting this week. A rate announcement and press conference are scheduled for Wednesday (7/29). “Strong gains are inevitable as we enter a period much like the post-GFC [Great Financial Crisis of 2008] environment,” says MineLife Pty’s Gavin Wendt in a Bloomberg article this morning, “where gold prices soared to record levels as a result of copious amounts of Fed money being pumped into the financial system.”

 Chart[s] of the Day

Gold, silver and the DJIA – Year to DateOverlay chart showing gold silver and the DJIA year to date as of 7-24-20

Chart courtesy of • • • Click to enlarge.

Gold, silver and the DJIA – One Yearoverlay chart showing gold silver and the DJIA over the past 12 months as of 7-24-20

Chart courtesy of • • • Click to enlarge.

Chart note: As of last Friday (7/24/2020), gold is up 32.81% over the past 12 months. Silver now fully caught up on a 12-month basis is up 37.46% and the Dow Jones Industrial Average is down 2.68%.  Year to date, gold is up 24.31%. Silver is up 26.44% and the DJIA is down 8.31%. (These numbers do not include this morning’s pricing.)

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