Gold and silver are up slightly on a weaker dollar. Safe haven demand increased after the Russian coup attempt over the weekend brought geopolitical tensions back to the forefront.
While a weaker dollar and global news has contributed to a slight gain in precious metals this week, gold and silver still continue to trade in range for the time being. When the Fed chose to pause raising interest rates for June, officials also signaled that they may not be done with rate hikes this year. Interest rate increases are considered bearish for precious metals.
The timing of this trading range is also in line with historic patterns, as June is often the start of a seasonal weak period for precious metals.
The good news is that in addition to the pressure from future interest rate increases keeping spot prices relatively low for the time being, premiums on silver have finally started to drop.
For some time now, silver demand has been consistently high, and premiums were high as well. But just because premiums are starting to drop, it doesn't mean that we should expect demand to diminish any time soon.
Many analysts are predicting that silver will touch $30 an ounce before the year's end. It rose 3% in 2022 and in 2023, we're expecting more. This current dip should be treated as a temporary short-term fluctuation before silver spot prices continue to stairstep their way upwards, in lockstep with gold, as this precious metals bull market continues. Many analysts are speculating that this current bull market for precious metals will show gains that far eclipse the previous bull market highs of $50 an ounce for silver. In the last bull market, silver rose about 1,000% from it's lows.
It's not possible to say for certain what 2023 has in store, but we know the proven power of precious metals as a hedge against inflation and economic volatility is more necessary now than ever. For that reason, we're offering 1 oz. sovereign silver coins. Premiums on silver bullion bars and coins have finally started to ease a bit, so now is an opportune time to add to your position in silver.
Today, we're able to offer 1 oz. Silver Buffalo Rounds at a lower premium!
Give us a call at 1-800-831-0007 or email us to place your order today!
1 oz. Silver Buffalo Coins
Just $2.49 over spot
*Prices subject to change based on market fluctuation and product availability. Prices reflected are for cash, check, or bank wire. Minimum order is 100 oz. silver. Free shipping, handling, and insurance are available for silver purchases of 500 oz. or more. Offer expires Friday, June 30, 2023, or while supplies last.