With a mounting commodity crisis looming, a U.S. ban on russian oil, and the
Russia-Ukrainian conflict causing utter chaos in the markets, “safe haven” assets like gold are reaching new heights.
Everyone’s favorite yellow metal rose to an all-time high of $2,078.80 an ounce on Tuesday, before backing off a bit. Meanwhile, silver prices rose to an eight-month high of $27.50, up over 13 percent year-to-date.
The trend comes amid violent inflation numbers, record-high gas prices in both the U.S. and Canada, surging prices for basics like grain, and an investment climate of general uncertainty. Assets like gold and silver are sometimes considered to be a hedge against inflation and geopolitical unpredictability.