Gold bugs cheer new record, with silver hot on its heels

The gold price has finally surpassed its 2011 peak of $1,923.70 an ounce. And, after climbing 36% in the last month alone, the silver price has hit a seven-year high. Where next for precious metals?

That “sound you hear is thousands of gold bugs cheering”, says Tracy Alloway on Bloomberg. On Monday the precious metal finally surpassed its 2011 peak of $1,923.70 an ounce to set a new all-time high in dollar terms. In sterling, the yellow metal has long eclipsed its 2011 levels and was trading above £1,500/oz this week, marking a gain of 29% in 2020.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Markets editor

Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019. 

Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere. 

He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful. 

Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.