Business
Gold and Silver Mania Returns
Treasury Secretary Scott Bessent’s bond market intervention this week lit a fire under gold and silver. Prices of the precious metals rose sharply again Friday. It’s a bit hard to square with rising bond yields, which makes holding precious metals a tough sell compared to just plonking the money in a savings account. But worries about America’s fiscal situation have a way of inspiring gold bugs.
Front-month gold futures added 5.6%, or $243.70 a troy ounce this week to settle Friday at $4,624.10. It was the third straight weekly gain for the precious metal, which has gained more than 14% over that span.
Silver futures, also on a three-week winning streak, rose even more. They gained 6.9% this week to end at $69.466 a troy ounce, the highest price since June 17.
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