Andy Schectman: Gold Shoots Thru $2000/oz As Investors Keep Buying Precious Metals

Amidst concerns of banking issues, and growing fears of recession, investors continue to buy physical gold and silver to protect their money against what they’re seeing in the financial news.

After flirting with the $2,000 per ounce level several times over the past few weeks, the gold price finally broke through and crossed over the $2,020 level in early Tuesday trading. silver also rallied on Tuesday, crossing over $25 per ounce, representing a new high in 2023.

As a result, the premiums on gold and silver have been rising, especially on the gold side. The sovereign mints are currently struggling to keep up with demand, and the physical dealers continue to see new and existing customers increasing their purchases of both precious metals.

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