Gold prices are on the move today, May 26, 2021, as economic reports and fervent investment activity favor the yellow-colored precious metal. As of this morning, gold prices clearly broke beyond $1,900 per ounce to trade as high as $1,912 before settling back a bit at $1,902 — still solidly sustained above the $1,900-per-ounce threshold.
This return above $1,900 has been a long time coming for gold, which hovered between $1,700 and $1,850 for months before breaking out last week above $1,850 on its way to the current pricing territory, representing a multi-month high. It was last summer when gold prices hit their all-time record high of $2,063 per ounce. Many precious metals speculators are banking on the possibility that gold may yet again flirt with or even break beyond the $2,000 mark in the coming months as inflation sets in and industrial demand for gold resumes as we soon enter the post-pandemic world.
Meanwhile, silver prices are down today but remain at longtime highs around $27.90 per ounce. While this is back of its pricing in late winter 2021, when a run on silver caused the metal to hit $30 per ounce, its position in the high $20s is way up from March 2020, when it was trading for as little as $12.25 an ounce.
Bullion seems poised to reach big numbers again, but many aren’t holding their breath as intraday trading has proven in the past that surprises aren’t always pleasant for investors sitting on silver and gold. Then again, with a bullish bullion market and many signs pointing to rising prices for commodities, potential weakening of the heavily printed United States dollar, and the ever-present threat of geopolitical unrest, new record prices for both silver and gold may be waiting in the wings.