Gold Set for Biggest Monthly Gain in 4 Years; Silver Headed For Best Month in 40+ Years

31 July 2020

    Precious metals are back in business, and may well be here to stay. 


    Gold is currently going for the biggest monthly gain in four years, as weak dollar and low rates continue feeding its growth. Silver, in turn, is looking at its best month since 1979, recording a monthly jump of 30%.


    As investors start to swear off the USD as a safe-haven, the popularity of gold becomes especially real, however. Spot bullion is up 10% in July, bringing gold to only $20 away from its all-time high, and more gains are expected in the near future. Gold currently trades at $1,981.27 - up for the eighth week of gains - the longest rally period since 2006.


    Goldman Sachs Group has said that gold is the currency of last resort amid an inflation threat to the dollar, forecasting a rally to $2,300. Bank of America, on the other hand, believes prices could soar to as high as $3,000 an ounce. Only JPMorgan sees the rally could lose steam later this year.

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