After many weeks on a hot price run and much anticipation by speculators, gold prices finally soared to a new record price, hitting $1,940 on Monday, July 27. This beats the previous all-time records of $1,920, met in 2011, and the $850 mark momentarily reached in 1980. Gold’s recent gains have extended into today, with prices hovering around $1,950 per ounce as markets open Wednesday in the United States.
Where does gold go from here? Many analysts are optimistic gold prices could reach $2,000 by Labor Day or Halloween. Others are a little more cautious, suggesting gold prices may correct. But the precious metals are hot now, with silver also seeing multi-year price highs. The white metal is trading for about $24.25 an ounce this morning.
Those who wish to hedge their bets in precious metals should consider buying vintage United States coins. Common circulated pre-1933 U.S. gold coins and pre-1965 90% silver coins can be bought at tiny premiums above their melt values, are limited in quantity, and offer a strong secondary collector market ensuring easy liquidation and a safety net of sorts if metal prices do make a decided correction.
