Gold and silver traded about 2% lower on Monday morning as prices continued to consolidate following the election of former U.S. President Donald Trump to a second term.
Gold prices were about $60 an ounce lower, to $2,620 an ounce, and silver was trading at $30.60, showing a drop of about $0.70 an ounce.
Platinum and palladium prices were up by marginal amounts as both metals traded just shy of the $1,000 an ounce.
Blue Line Futures Chief Market Strategist Phillip Streible said he believes precious metals’ underperformance since the election can be attributed to investors rotating money out of physical commodities and into bitcoin.
Bitcoin was trading up more than 3% Monday morning at more than $82,000.
“There’s crypto fever right now,” Streible said. “I suspect much of the sell off in the silver and gold market is a rotation and people chasing assets like Bitcoin and Etherium.”
Streible said platinum and palladium both had significant loses on Friday, and attributed the small move upward on Monday to a correction in price level.
He said as the possibility of a Republican sweep of the presidency and Congress grows, investors are expecting fewer interest rate cuts, looser regulation and increased inflation.
Augusta Precious Metals(Full Review) $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco (Full Review) Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold (Full Review) Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
