There’s no denying that there has been significant excitement in the gold market this year, with the price rising above $2,600 per ounce for the first time ever. However, according to analysts at GSC Commodity Intelligence, traders’ attention is now shifting to silver amid rising expectations that the gray metal will be next to reach new all-time highs.
Gold has been on a parabolic run since October last year – rallying from the $1,800 level to hit consecutive all-time highs – not once, not twice, not three times, just wait for it – drum roll please…
But on 37 different occasions, so far in 2024.
This week, gold prices soared to a new all-time high of $2,670 per ounce, surpassing the previous record high of $2,658 per ounce for precious metals set just a day earlier – extending gains by a whopping 48%, over 11 years . -month stretch.
Interestingly, gold has outperformed Bitcoin, the S&P 500 and the Magnificent Seven stocks during this period.
The spectacular price rise means that a standard 400 troy ounce gold bar – typically traded internationally and used by central banks – is worth more than $1 million for the first time in history, up from $725,000 last October.