(USAGOLD – 5/20/2024) Gold prices hit an all time high last night at $2450.10 but have since faded back this morning. Gold is trading at $2411.10, down $4.50. Silver is trading at $31.23, down 34 cents. Silver has surged over 35% this year, outpacing gold and becoming one of the top-performing commodities of 2024. Despite this rally, silver remains relatively cheap compared to gold, with a gold-silver ratio of around 75. The increase in silver’s value is driven by strong financial and industrial demand, particularly from the clean energy sector, which is expected to reach record usage this year. This demand has led to a significant supply deficit, depleting major global inventories. Over the next two years, the LBMA stockpiles may be depleted given the current pace of demand, according to TD Securities. As a result, physical silver sales have increased, and dealers are concerned about future supply shortages.
