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Why Gold And Silver Stocks Are Trading Higher Today

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Why Gold And Silver Stocks Are Trading Higher Today

Shares of several precious metals companies are trading higher potentially amid market uncertainty due to growing U.S. coronavirus cases and as investors weigh continued government stimulus actions.

Investors typically use gold, silver and other precious metals as a safe-haven asset when uncertainty in the market increases. As coronavirus cases continue to rise, it’s uncertain whether states will continue to reopen. Increased stimulus measures could also lead to inflation and currency debasement.

See Also: Gold Passes $1,800 Mark For The First Time Since 2011, ETFs See Increased Inflows

Precious metals are used in a wide variety of applications, but to investors, they’re also used as a way to store wealth. They often trade inverse of the market.

SPDR Gold Shares (NYSE: GLD) was trading 0.67% higher at $170.18, Barrick Gold (NYSE: GOLD) was trading 2.30% higher at $27.57 and First Majestic Silver (NYSE: AG) was trading 6.93% higher at $10.34 at time of publication on Wednesday.

 

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