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 silver’s performance and examine the factors that affected the metal prices.
WHAT DID GOLD AND SILVER DO IN SEPTEMBER?
It was yet another month of solid gains for silver and gold, including fresh all-time highs for the latter. As we enter the fourth quarter of the calendar year, the precious metals continue to reinforce the conviction that they are experiencing a durable bull market.
Both metals started the month lower on the first trading day of September. Silver slumped below $28 per ounce on Sept. 3rd and again on Sept. 6th. Thanks to big rallies on Thursday, Sept. 12th and Friday, Sept. 13th, the argent metal did not fall below the $30/oz mark for the rest of September. Spot silver prices peaked as high as $32.60/oz during intraday trading on Sept. 26th, the highest level in nearly 12 years.
Gold spent the first two weeks of the month treading water around the $2,500 level. It surged to new record highs above $2,600/oz in the days following the Federal Reserve Open Market Committee (FOMC) meeting, posting back-to-back gains of more than 1% during a single trading day on both Sept. 19th and 20th. Gold managed another such performance on Sept. 24th, jumping 1.1% higher.
The new all-time high closing price for spot gold ($2,673.50) came on Sept. 26th. Each of the two metals closed the month modestly lower from their peaks. Gold settled just above $2,630/oz while silver ended the trading session north of $31/oz on Sept. 30th.Continue reading“October, 2024 in Precious Metals, by Everett Millman”