The price of gold is currently close to $1,384 per ounce and silver has fallen to $28.52 per ounce. Gold is fresh off a rally of record proportions, reaching over $1,400 per ounce. Experts say that while the market will continue to be well-supported, trade may be volatile due to a stronger dollar. There are currently no significant cues indicating it will hit record levels in the near future, so now is a good time to buy.
Silver and gold have had some impressive performance as of late and those who previously purchased the precious metals made some nice profits. To get in on the next wave of rallying, purchase some gold coins, silver coins, bullion, and jewelry and keep it in the portfolio until the price peaks. Gold has not yet peaked and silver is extremely undervalued, so both hold opportunities.
Reports from India reveal that investors and jewelers are flocking to purchase gold. It is currently the middle of India’s wedding season, when gold is provided as gifts during nuptials. The November religious celebrations of Diwali and Dhanteras are also gold gift-giving occasions. India alone accounts for 20 percent of the worldwide demand for jewelry.
In Hong Kong, some investors who have sold gold are now purchasing it back, which should cause prices to rise. Selling of gold scrap is slow as investors wait for prices to peak once again before they cash in their holdings. Silver, which recently matched its 30-year high, has dropped in price, making it even more affordable.
Experts say that the market should keep its momentum over the next several days and will then rise to another record high. Silver is catching up with gold and the industrial sector is buying heavily. Concerns regarding the European debt problems and loss of faith in the dollar will only serve to increase the price of gold and silver.