Precious metals continue their bullish streak, breaking out to new peaks. In the case of gold, we note today more than 0.8% increases, which with their range pushed the bullion above $2675 per ounce. In the case of silver, the scale of appreciation is even greater, as it reaches 2.2%. Thus, SILVER breaks above $32.5 and is trading at its highest levels since 2012.
Precious metals are invariably gaining in anticipation of further interest rate cuts in the US and other world economies. Indeed, these have clearly accelerated since the beginning of the month following Powell's dovish comments on the recent decision to cut the US interest rate by 50 basis points, against forecasts of 25 points. Source: Bloomberg Financial LP
Silver is trading today at its highest levels since December 2012. Source: xStation
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