The precious metals sector continues to develop very positively. Although the gold price fell by -0.3 percent compared to the previous month, it ended August at $ 1,968 per troy ounce. The price of silver has recently developed better. This rose in the past month by 20 percent and was at the end of the month at $ 28.80 per troy ounce. “Overall, the precious metals sector is still on a clear upward trend. The sudden increase in silver confirms the trend towards increasing involvement of speculative-oriented investors in the precious metals sector, ”observes Martin Siegel, precious metals expert and managing director of Stabilitas GmbH.
The prices for platinum and palladium also continued to rise in August compared to the previous month. The platinum price rose 3.1 percent and ended the month at $ 934 per troy ounce. Palladium was up 7.5 percent month-over-month to end the month at $ 2,252 an ounce. “Platinum and palladium are being carried away by the positive trend in gold and silver and are also benefiting from the more positive economic expectations of investors,” says Siegel.
“The shares of the mining companies developed inconsistently in August and are in a consolidation after the profits of the previous months”, adds Siegel.
Base metals and oil are also gaining ground
Among the base metals, prices for lead (+5.4 percent, 1,943 US dollars) and copper (+4.3 percent, 6,728 US dollars) in particular continued to rise. But aluminum (+5.1 percent, US $ 1,801), zinc (+9.6 percent, US $ 2,530) and nickel (+12.1 percent, US $ 15,414) continued to rise in price last month . “The steadily strong demand for base metals in August illustrates the increased confidence among investors that the global economy will recover significantly faster than expected a few weeks ago. In addition to copper, which is quoted at a two-year high, the prices for lead, nickel and zinc have also risen above the pre-Corona level, “comments Siegel.
Brent oil has also become more expensive. Oil was up 3.8 percent in August, ending the month at $ 45.28 a barrel. “The increased oil price is another indicator of a more positive global economic environment,” says Siegel in conclusion.
Disclaimer: This text is a column by Stabilitas. 4investors is not responsible for the content of the column and therefore does not necessarily have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!
At a glance – chart and news: Troy ounce of gold