For the first time in 15 years, Gold has broken the US$2000 per ounce mark and Uranium has risen to a price of US$80 per pound.
Gold has always been considered a safe-haven investment, and as investors seek a refuge from the current economic uncertainty, the bullion market has seen a surge in demand. This increase in demand has pushed the price of gold to US$2027,43 an ounce, breaking records set in September of 2011.
Investors speculate that the strong performance of gold is part of a greater trend as demand for the precious metals continues to increase. Despite the ongoing Covid-19 pandemic, gold sales have seen immense growth in the past three months.
Uranium is another commodity that has seen a rise in prices. In recent weeks, it has climbed far above the US$80 per pound mark for the first time in 15 years. Demand for uranium is driven by the need for fuel to power nuclear reactors, which, before the pandemic, drove prices upwards.
Analysts believe that the recent surge in uranium prices is due to the increased demand for nuclear power, as countries seek to reduce emissions and turn to cleaner forms of energy.
At a time when other commodities are suffering from the effects of the coronavirus pandemic, the outlook for both gold and uranium looks promising, with prices likely to remain stable in the near future.
Although it is impossible to predict how long the bull market for gold and uranium will last, investors will do well to take advantage of the current situation and invest now in these precious metals. With gold and uranium both reaching new highs, it is an opportune time to diversify a portfolio and capitalize on the current market environment.