Monday’s reports detail that protests over China’s zero Covid policy have dented market sentiment as US stock markets show all four major Wall Street indexes struggling. The global crypto market capitalization is down 3.5% and is on the verge of falling below the $800 billion mark. The prices of precious metals, on the other hand, such as gold and silver, have remained stable and since November 3, the ounce of gold has jumped 7.06% against the US dollar.
Gold and silver hold steady amid turbulent global economy, precious metals outpace stocks and crypto-assets
On Monday, financial markets were choppy when it came to stocks and cryptocurrencies. Precious metals like gold and silver, however, hold their own amid the madness of the world.
Some reports cite Monday’s market upheaval for civil unrest in China on the country’s zero-Covid policies. Indices like the Dow Jones, Nasdaq, S&P 500 and NYSE all opened the day in the red.
Additionally, the crypto economy is poised to fall below the $800 billion zone as bitcoin (BTC) is down more than 2% in the past 24 hours. Ethereum (ETH) lost 3.82% over the past day and the broader crypto economy lost 3.5% against the greenback.
An ounce of gold is trading at $1,744 an ounce, up more than 7% against the US dollar since November 3. On that day, one troy ounce of fine gold traded for 1,629 nominal US dollars per unit.
Silver has also gained in value in USD since that day, as an ounce of fine silver was below $20 per unit on November 3. Today, the silver trades for 20.99 nominal US dollars per unit.
Silver’s rise since that day has outpaced the rise in gold’s value, with silver rising 7.91% over the past 25 days. As the world watches events in China unfold, the US jobs report is due this Friday.
Additionally, the head of the US Federal Reserve, Jerome Powell, plans to discuss the US economy this Wednesday. Reports indicate that some believe Powell will reveal plans to slow interest rate hikes.
With gold doing so well in the macro environment, some to believe a “Santa Gathering” could be in the cards. So far in the past 25 days, both precious metals (Ag, Au) are doing better than stocks and crypto-assets.
What do you think of the market performance of the two precious metals over the past month? Let us know what you think about this topic in the comments section below.
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