Gold prices hit record high — is that good or bad?
One precious metal that Buffett likes is silver because of that metal’s industrial and medical uses.
SEATTLE (Scrap Monster): Gold futures hit historic levels this week as investors continued to put their money behind a precious metal that’s considered a safe asset during periods of global turmoil.
On Friday, gold futures closed at more than $4,500 per troy ounce, the commodity’s highest peak yet and more than double the nearly $2,100 price per troy ounce at the close of 2023. Analysts predict the upward trend will continue in 2026, with gold possibly rocketing to $5,000 a troy ounce.
“Gold prices have been experiencing one of the steadiest two-year uptrends ever,” Jim Wiederhold, commodity indices product manager at Bloomberg Indices/Bloomberg Index Services Limited, told CBS News recently.
Observers say gold investors are partly responding to geopolitical tensions, such as Russia’s continuing war in Ukraine and the Trump administration’s military actions overseas. But gold has always been a way for people to diversify their portfolios, although, notably, revered investor Warren Buffett has been cool toward the yellow metal, saying it has no practical use beyond jewelry.
One precious metal that Buffett likes is silver because of that metal’s industrial and medical uses.
Silver, too, has been on a historic trajectory. This week, silver futures rose to more than $79 an ounce.
Courtesy: www.newsnationnow.com