As the last week of April wraps up, gold and silver prices remain lukewarm. Gold hangs around $1,780, and silver stands at $26.40, representing a tad softer stance for the yellow precious metal and a notch stronger for the white versus last week. It’s been a week of watching and waiting, as millions more Americans are vaccinated against COVID-19, a virus that has put the globe on pause and shaken economies around the world — not to mention the financial picture of the United States.
Last night, April 28, President Joe Biden addressed the nation on the heels of his first 100 days in office, which has seen the commander-in-chief make several pricey proclamations. Among these is a multi-trillion-dollar infrastructure overhaul, which has some economists concerned that — amid the well-intentioned efforts of updating an aging national network of roads and highways — such a move could weaken the value of the United States dollar. Meanwhile, crude oil prices continue an upward push as nerves fray over geopolitical situations in Russia and China.
The recipe seems ripe for gold and silver prices to increase, but it seems there hasn’t been that breakout moment yet — not recently, anyway. While gold prices climbed past $2,050 last summer and silver was pushed to the brink of $30 late this past winter, the bullion world seems a little quieter at the moment. While this tepid environment could have some antsy investors on edge, it might be a good opportunity for those who want to buy. While there’s no guarantee gold and silver prices won’t still settle lower, there are plenty of potential catalysts just waiting in the wings to force them higher.