Editor’s Introductory Note: Steven Cochran is transitioning to a new job, writing for an investment company. Starting next month, this column will be authored entirely by Everett Millman, who is also employed by Gainesville Coins.
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Welcome to SurvivalBlog’s Precious Metals Month in Review, where we take a look at “the month that was” in precious metals. Each month, we cover gold’s performance and examine the factors that affected gold prices.
WHAT DID GOLD DO IN MAY?
The gold price opened the month hovering around the $2,300 level, taking a breather after notching record-high prices in mid-April.
Beginning in earnest on May 8th, both gold and silver resumed the blistering rally the two precious metals have been on in 2024. Prices rose almost continuously over the next two weeks. Gold jumped $35 per ounce on May 15th and surged another $38.50 higher on the 17th.
May 20th saw spot gold hit a new all-time high of $2,425 per troy oz. Meanwhile silver breached the $32 per oz level for the first time in 11 years.
A combination of profit-taking and normal market correction pushed the gold price back down almost 4% lower, trading back below $2,350/oz in the final week of May. Over the same period, silver saw a deeper pullback of about 6% to the psychologically important $30 support line before rebounding to close the month above $31/oz.Continue reading“May 2024 in Precious Metals, by Steven Cochran & Everett Millman”