Gold, Silver At Their Lowest Since March

Above, 2023 American Silver Eagle Proof. Photo by Armand Vaquer.

Gold and silver sank in their respective spot prices to start off the month. Each hasn't been this low since March.

According to Coin News:

Precious metals started the new trading week and month on Monday with losses ranging from 1% for gold to 4.6% for silver. Both metals established significant settlement lows, reaching back to March for both.

Falling for the sixth consecutive session, gold for December delivery lost $18.90 to settle at $1,847.20 an ounce on the Comex division of the New York Mercantile Exchange. For a second straight instance, the settlement was the lowest since ending at $1,834.60 an ounce on March 9.

"Gold’s kryptonite is surging Treasury yields and a stronger dollar," Edward Moya, senior market analyst at OANDA, told MarketWatch.

"Wall Street is having a major reset on where flows are going and that is clearly not gold’s way," he said. "Fixed income is all of sudden attractive and that killed the short-term outlook for gold."

Gold futures traded between $1,842.70 and $1,864.70. They lost 4.1% last week.

Elsewhere, silver for December delivery tumbled by $1.03 to $21.41 an ounce, marking its weakest settlement since closing at $20.506 an ounce on March 16. Silver futures ranged from $21.21 to $22.41. Last week, they sank 5.9%.

Since I consider silver investing is for the long haul, this doesn't bother me. I see it as an opportunity to buy more for less.

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