Despite bearish external markets, gold and silver prices have surged, attracting investors seeking safe havens. Meanwhile, the crypto market is crashing, with Bitcoin and Ethereum falling sharply! Highlighting the current volatility and challenges of digital assets.
Precious metals are skyrocketing!
Gold and silver prices rose sharply on Thursday, despite bearish external markets. December gold climbed $16.60 to $2,496.30, and September silver jumped $1.186 to $28.525. U.S. economic data, including a 1.0% rise in July retail sales and lower-than-expected jobless claims, reinforced the view of a robust economy.
Geopolitical tensions, with warnings of a possible Iranian attack on Israel that sent the crypto market tumbling a few months ago, have also boosted safe-haven demand for precious metals. Technically, gold bulls are targeting resistance at $2,537.70, while bears are looking to break below $2,400.00. For silver, bears are dominating in the short term, targeting a price downside of $26.00.
Crypto Crashes: Investors Looking for Safe Haven?
At the same time, the cryptocurrency market is going through a difficult time. The crypto market has crashed by 25% in recent days, affecting major assets like Bitcoin and Ethereum. Ethereum has dropped by 20%, and Bitcoin has seen $175 million liquidated. This crisis is attributed to several factors, including stricter regulations and a drop in investor confidence.
If this crisis in the crypto market persists, investors may increasingly turn to safe havens like gold and silver. These precious metals offer stability and security that currently volatile digital assets cannot guarantee, thus reinforcing their appeal in times of economic uncertainty.
While precious metals are showing resilience in the face of economic and geopolitical turbulence, the crypto market continues to struggle. Investors are looking for safe havens, and gold and silver seem to be meeting this demand, unlike cryptocurrencies which are under intense pressure.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the Read to Earn program
