One can look back over the past couple weeks and see that gold and silver prices have shed gains as several promising economic reports came across the wire, including signs of increased consumer confidence and stronger payroll reports. But continued evidence of inflation is casting a pall on the economy, and that, along with concerns of a weakening dollar, is helping to stem losses among gold and silver prices.
On the morning of July 1, 2021, the price of gold is hovering around $1,778 per ounce while silver is holding at approximately $26.20 per ounce. This comes less than 24 hours after gold slipped to $1,755 and silver slid to $25.65. Of course, drops like that might shake the faith of those who had already invested money into precious metals, but for those who are looking to get into the bullion game or who wish to bolster their holdings, now is the time to buy “low” with the hopes of selling much higher down the line.
While bullion metals are often dubbed an “investment” they’re really best categorized as a hedge against inflation and insurance policy to protect oneself against bad economic times. And with inflation continuing to rear its ugly head, those with bullion portfolios flush with silver and gold could be the ones who come out ahead at the end of the day.