Gold prices closed last Friday, July 24, at $1,901 to mark the precious yellow metal’s highest price in nearly a decade. Now, situated just a few dollars shy of the $1,917 all-time high in 2011, many speculators wonder if gold will push past that mark today and enter brand new price record territory. Many also are waiting to see if gold makes a run for a new threshold of $2,000 per ounce.
In the past, gold made feverish runs at $850 an ounce in 1980 and the aforementioned $1,917 in 2011 only to back off shortly thereafter and settle at much lower levels. The question? Will the fever break this week and prices retreat below $1,900, or will the momentum from the past few weeks power gold forward to new highs?
Gold prices aren’t the only precious metal worth watching these days… Silver has also made a run, albeit well shy of its $50-per-ounce record from 1980 and nearly so in 2011. Silver prices rode through the weekend at just shy of $23 per ounce, and many analysts are suggesting it could go as high as $30 on this rally — maybe even higher!