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Weekly Comic: Gold, Silver Surge To Highest In Years Amid Flood Of Stimulus

Published 07/25/2020, 09:02 AM
Updated 07/25/2020, 09:04 AM

By Jesse Cohen

Investing.com - Gold prices scored their best weekly gain in three months, with prices of the yellow metal breaking above the $1,900-mark for the first time since September 2011 on Friday.

Gold futures for August ended up $7.50, or 0.4%, at $1,897.50 per ounce on New York’s Comex.

It earlier rose to a session high of $1,904.60, its strongest level in nine years, when gold hit a record high of $1,923.70 on September 6, 2011.

For the week, gold rose nearly 5%, rallying for a seventh straight week and posting its biggest weekly advance since the start of April.

At current levels, gold is closing in on its 2011 all-time high.

Many expect the precious metal to continue its march towards the never-before-seen-level of $2,000 an ounce in the coming weeks.

Gold has surged 24% this year, boosted by low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.

Silver, meanwhile, settled 0.6% lower on Friday at $22.85 per ounce.

Like gold, it too rallied to its best level in years, hitting its highest since September 2013 at $23.64 on Wednesday.

Silver jumped over 15% for the week, its best since 2008, bolstered by hopes for a revival in industrial activity.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

Go silver! My target is wee bit higher than $25...
how far will it go up given the coming election? any opinion?
Deflation is setting in big time in this 230 year Super Cycle Event.  So with over 51 Milliion Unemployment gains, 44 $ of Small Business NOT coming back, over 100+ major big companies already declaring Bankruptcy this year and about 50 more in the pipeline.  Commercial Mortgage business melting into oblivion, which means in about 6 months more time you'll be seeing a lot of Big Banks going Bankrupt. I have to ask;  Where are the Inflationary pressures to keep driving Gold/Silver higher?  Answer = NOT;  It's all based on fear due to massive infusion of $ into Economy both by Fed. Res. and Economic Recovery Fiscal Measures.  This is really Deflationary - so after the scare wares off - Markets will Crash and Gold/Silver as they always do - will Crash right along with them. Me:  I just bought 500% more than my original position of "ZSL" ETF, doubly Short Silver Bullion!
Thanks Richard! You buy shorts so our trip up get accelatated.
you couldn't pay me enough to short this gravy train paved by the Federal Reserve
except we are already seeing inflation. Asset prices are increased by the Fed inflating the money supply, instead of allowing them to fall like they naturally would in a free market.
Great opportunity for sell off fromMonday
Crazy
Currency has no value. Gold is real money
Silver is the poor man's real money.
Ray Charles could have seen that.  And you get paid,  oh ya your working from home i forgot!!
GoldFANGerrrrr
duuh
hahaha, are you from Tz!
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