Gold has been the headline performer in the first half of the year – breaking records and commanding attention.
But in the second half of 2024, silver may be set to steal the show. Silver has been quietly outperforming gold since February. Silver prices surged to an 11-year high last month. The junior monetary metal still has a long way to go in order to reach a new all-time high above $49 an ounce. Even if it doesn’t achieve that feat in 2024, it could still set a new record for a year-end closing price.
In other words, stocks are losing value when priced in terms of sound money. The U.S. dollar continues to depreciate at an elevated rate, making it difficult for the Fed to justify cutting rates. But dovish Fed officials may be encouraged by the European Central Bank, which opted this week to reduce its deposit rate by 25 basis points. The ECB’s first rate cut in five years didn’t hurt the euro or trigger any sort of safe-haven buying of Federal Reserve notes. In fact, the U.S.
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