Bullion investors who bought gold at $1,850 per ounce or higher and the countless silver investors who purchased on the squeeze earlier this week have had a difficult 24 hours. Gold prices plunged yesterday, February 4, from $1,820 to $1,785 per ounce and this morning continue hovering at or just below $1,800. Meanwhile, silver remains around $26 today after falling from $30 per ounce on Monday, February 1, to $26 the next day.
Of course, the precipitous declines in metals prices aren’t what some folks were counting on when they bought silver last weekend at premiums as high as $50 per ounce. Dealers were running out of or putting freezes on sales of physical silver as demand went through the roof following a Reddit post prompting the run. Meanwhile, gold prices stay soft as the United States dollar remains robust and economic hopes prosper with the massive vaccine rollout promising to stamp out COVID-19.
What happens over this coming weekend is anyone’s guess. But as silver supplies open up again and gold investors look to buy on the dip, we could see some interesting action on the metals market come Monday morning. Stay tuned!