Looking at the past year, we continue to see appreciation of precious metals across the board. Within the past 12 months, gold went from a low of $1270 per ounce to $1574 per ounce currently. Silver experienced its lowest price of the past year at $14.34 per ounce to its highest of $19.57 per ounce. Platinum soared from around $785 per ounce in January of 2019 to around $1015 per ounce in January of 2020.
However, we’re not surprised. The value of precious metals is always on the rise and increases even more rapidly during times of crisis. If you watched the gold markets during the precarious confrontation with Iran earlier this month, the needle of value spiked as quickly as the tensions did, vaulting above the $1600 per ounce level for the first time in 7 years. The spot price settled back to the $1500s once it became apparent that likelihood of an actual military conflict involving the US and Iran abated.
Precious metals are a preferred asset during times of political and economic uncertainty, as they have always been. Building a portfolio of gold, silver or platinum is not as hard as you might think. These metals can be found not only in their bullion form such as bars, but also in jewelry and coins. So if you’re a coin collector for example, you might be accumulating a precious metal portfolio by means of expanding your coin collection. The same can be said for jewelry, although the valuation of these different commodities can vary depending on many factors. A coin might be worth more than the weight of silver if contains due to how old or rare it is. Conversely, a gold ring could weigh 20 grams but may be made of 10-karat gold, thus having a lesser value than a 20 gram bar of 24-karat gold.
Whatever the case, owning gold, silver or platinum in any form is desirable. As people seek to diversify their holdings, these metals add a tangible and secure way to create a hedge against the uncertainty of world events.
Why Metro Pawn & Gun?
At Metro Pawn & Gun, we provide cash loans for your precious metals, or purchase them outright if you wish to sell. We stock a large and varied assortment of precious metals, ranging from bullion to coins to jewelry and more. Give us a call or stop in to find out how Metro Pawn & Gun can become your go-to stop for anything related to precious metals!
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