Gold and Silver Bullion Leap To 1-Year Highs

Above, these silver dollars are worth more today than when they were minted. Photo by Armand Vaquer.

Those of us who have been putting our money into precious metals (gold, silver, platinum) are seeing that our investments (and trust) in them are justified. Fiat currencies is taking a beating*. 

While gold and silver are rising in value, the stock market, U.S. dollar, U.S.crude oil and bonds shrank. 

BullionVault reported:

GOLD and SILVER BULLION leapt in price Tuesday, hitting 13-month and 12-month highs respectively against a falling Dollar after new US data said the world's largest economy is seeing a steep drop in the number of new job openings.

Gold broke through $2000 per Troy ounce for the 4th time in 3 years while the silver price came within 7 cents of $25, a 7-year high when reached during the first-wave Covid Crisis of 2020.

With Friday set to bring non-farm payrolls data for March, today's US data said that US factory orders fell more sharply than expected in February while the number of job vacancies across the economy sank by well over 600,000 for the 2nd month running, marking the 5th worst decline on the 2-decade 'Jolts' series and badly worse than the 163,000 drop predicted by consensus forecasts.

New York's stock markets fell 0.3% on the news and US crude oil retreated $2 from $81.50 per barrel, a 3-month high reached after the Opec+ cartel of oil producer nations cut output in a bid to "stabilize" prices.

The Dollar gold price meantime hit $2020 per Troy ounce, extending last month's 6.4% gain with a further $40 rise already in April as bond yields sank and betting that the Federal Reserve will raise its key overnight interest rate once again at its next meeting in May fell hard.

Silver bullion rose faster, jumping 3.9% inside 90 minutes to come within 7 cents of $25 per ounce, the highest price since mid-April 2022. 

To read more, go here. 

*Why fiat currencies are worthless, here's a great example.