The ups and down of the price of silver in 2020
The year 2020 was terrible for most people as millions lost their livelihoods to the government mandated lockdowns. However, on the precious metals front, gold and silver things went well. Precious metal observes have been watching these two metals closely and may were impressed by the silver rally this year. Anyone who had silver and needed some cash to get through the hard times was able to sell silver bullion Brisbane at good prices. This precious metal has been on a roller coaster that most people won’t forget. In years to come, people will still be talking about this silver rally and how fast it rose. At one point it hit the $30.00 the highest it has been for over a decade.
A lot of things happened in 2020 that will go down as significant events in history. Let’s have a look at some the things that made 2020 a milestone year:
Precious metals reached record-breaking prices in years
We can’t talk about silver without talking about the incredible run gold has had in 2020. These two metals move in tandem. Silver might be cheaper than gold but it is in no way the poor cousin of the yellow metal. Most investors have a percentage of silver in their portfolio. It is always good to have a mixture of the two.
The Corona virus pandemic created panic in the financial markets. The gold market in particular was already doing good but the pandemic sent it higher than what most people would have expected. At one point the price was at $2, 080 an ounce. Upswings like that created a rise in demand as more people sought to buy gold or buy silver bullion to hedge against the plummeting global economy.
Analysts still believe that the price of these precious metals might still go up in 2021. The pandemic is not over yet, not by a long short. With an economy that is still stuck in Limbo, it is a good idea to go for safe haven investments like gold and silver. Right now economic and political uncertainty bodes well for people who want to sell silver in 2021.
A lot of silver investors were excited when the metal’s value skyrockets to $28 an ounce in August. This was the highest it has ever been in over 7 years. However, those who dabble in silver know that it is very volatile. Those people who managed to sell silver bullion Brisbane when the spot price was close to $30, were rewarded for not hesitating and taking advantage of the rally before the price dropped to $23.88 in September 2020.
Silver and gold news are bound to get more intriguing in 2021 as the world tries to return to normal. If you are wondering whether to sell silver bullion or whether you should buy more, you can’t afford to be indecisive. Do your research, get as much information as you can and then make your move.