Gold rebounded on Monday to put spot prices back above the $2,600 an ounce benchmark. Rallying on a flat dollar, gold spot prices were also buoyed by bargain hunters buying the dip during last week’s selloff.
Despite nearly 30 new record high closes in 2024, gold is surprisingly not the best-performing asset in the precious metals sector.
Silver is up about 32% for the year, and historically tends to overtake any gains in gold, so the end of year gains could be significant. Silver gained another 7.9% in September after modest gains of 0.7% in August.
But if you're familiar with the historical patterns of silver, this is exactly what one would expect to see in a healthy bull market.
In 2020, when precious metals rallied as markets were rocked by pandemic-era supply chain issues and record inflation, gold saw gains of 25%, but silver rose by 48%! And if you look even further back, in the previous bull market silver dramatically outperformed gold with gains of 1,000% over the previous lows when it established the current all-time high of $50 per ounce. Gold saw gains of 650% during this time.
Expectations of additional Fed interest rate cuts this year and haven demand from the conflicts in the Middle East are continuing to bolster bullion prices in 2024. Yet, while gold and silver bullion demand shares many of the same market influences, silver also has major potential for growth in demand from the industrial sector.
Higher industrial demand from emerging sectors due to factors like the transition to renewable energy and the emergence of AI technology will be highly supportive for the metal over the next few years. Silver supply is also in its third year of successive, sizeable deficit, which should impact prices in the long-term.
Don't miss out as silver climbs back toward all-time highs and gold continues to make history.
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