gold and silver prices zooming

The prices of gold and silver have skyrocketed over the past year, prompting many monetary experts worldwide to speculate about the reasons behind this trend and what the prices of these rare metals could be at this time next year. Gold has risen about 10% over just the last month and 70% over the last year, while silver has gone up 40% over the last month and 134% this year. As of Monday, the price of just one ounce of gold sat at $4,470. Heightened geopolitical and economic uncertainty has boosted the demand for both gold and silver, which often move independently of many stock prices. Increased volatility in many bond markets, coupled with the devaluation of the U.S. Dollar, has both contributed to the increased demand for gold and silver. Both rare metals are often seen as hedges against hyperinflation and a safe, stable investment. Despite being widely seen as a safe investment, gold and silver carry their own volatility and risk, especially when buyers enter the market at a high point, risking losses instead of providing a security blanket, some analysts said. "Raw commodity markets go through boom and bust cycles," Wyckoff added. "We're in a boom cycle for gold and silver." The rising gold and silver prices have occurred amid a period of increased economic instability, including a slowing labor market in the U.S. and global conflicts between Ukraine and Russia, as well as continued pressure from U.S. President Donald Trump on Venezuela. Precious metals are widely viewed as a hedge against geopolitical unrest because the millennia-old stores of value are perceived as investments that could outlive calamity. "That's the catalyst that has pushed gold prices higher Hon Brian Scavo