The slump in the US dollar is beginning to accelerate. The gold price leapt to a new all-time high in early trading on Monday 27 July, with silver and bitcoin also seeing strong price rises.
Gold hit a new record price of $1940 per troy ounce in Asian trading, exceeding the previous all-time high of $1922, set on 6 September 2011. Silver rose to $24.10 a troy ounce, up over 6 percent from Friday’s close, while bitcoin broke through the $10,000 mark, up over 7 percent from levels set on Friday.
According to precious metals commentator Ross Norman, the jump in the price of hard assets shows general investor nervousness about the prospects for financial markets.
“What gold and silver are telling us is that the macro and geopolitical environments are deeply unattractive,” he told New Money Review.