A recent report shows the price of gold is under $4,740.90 an ounce as of April 24th, falling from $5,247.90- that’s 10.6% since the start of the war on February 28th.
CEO of Texas Precious Metals, Tarek Saab, says the price of gold has increased since post Co-Vid steadily rising and increasing year after year. “We actually see this as being very healthy for the market. It needed to pull back on price. If we can see prices remain at these levels for several weeks or even months, this is actually a good structural move within an underlying bull market.” He said.
The precious metal expert says a rise in gold reflects a market that sees an end to war sooner than later. “Gold and Silver would sell off and there’s going to be a rush to cash if the thought is the economy is going to slow down.” Saab said.
He explains that people will look at world events and try to draw direct parallels between what’s happening in geopolitics or geo-economics and tie that to what’s happening in price, but the markets don’t react that way. “There are underlying structural moves that are either headwinds or tailwinds that often times will have an impact on price.” He said.