Historic Rally Sees Gold & Silver Reach Unprecedented Highs
Precious metals extended their historic end-of-year rally on December 27, 2024. Gold and silver reached unprecedented all-time highs. Gold rose 1.1% to $4,530.02 per ounce, while silver climbed an impressive 7.5% to $77.27. Platinum advanced 7.5% to $2,425.36, and palladium surged 11.7%.
The rally has been fueled by multiple factors, including heavy ETF buying and geopolitical tensions. Holdings in State Street Corp.’s SPDR Gold Trust, the biggest precious-metals ETF, have risen by more than a fifth this year. Silver’s performance has been even more spectacular than gold’s, with its advance buoyed by speculative inflows and lingering supply dislocations following a historic short squeeze in October.
So far this year, silver is up a whopping 162%, while gold is up 74%. Investors have sought safe-haven assets amid concerns around trade, geopolitics, and sovereign debt loads. Global supply of silver is on course for a third annual deficit this year, largely due to disruptions in major producer South Africa. The metals are on pace to notch their best yearly gain since 1979.
Source: https://finance.yahoo.com/news/gold-silver-smash-records-again-083639476.html