On July 21, 2020, gold’s price nearly reached a nine-year high. Silver hit a four-year high.
Jim Wyckoff of Kitco noted that “There continues to be a steady (and now and increasing) flow of safe-haven and technically related buying in the two precious metals, which is likely to push prices still higher in the near term.”
In the meantime, political bodies like the European Union came to an agreement on a controversial $2 trillion spending plan that focuses on the political union issuing common bonds for the first time in its history.
Crude oil was trading around $42.00 a barrel — a 4.5 month high. The yield on the U.S. Treasury 10-year note is currently hovering around 0.61%.
Gold is steadily increasing as more people are rather uncertain about the economic prospects in the U.S. and are turning to a safe-have asset in the meantime.
Gold has traditionally served as money and has facilitated some of the largest economic booms in human history. So it makes sense that people are gravitating towards owning it in the next few months.