Gold prices are higher in early U.S. trading Wednesday, just ahead of the second appearance this week of Federal Reserve Chairman Jerome Powell before the U.S. Congress. Gold is trading at $2,381.01, up $16.92. Silver is trading at $30.98, up 88 cents. The article “Commodities Halftime Report: Silver, Oil and Gold Were the Top Performers” by U.S. Global Investors discusses the strong performance of silver, gold, and bitcoin in 2024. Silver has risen by nearly 22.5% in the first half of the year, driven by a global supply deficit and increasing industrial demand, particularly from the solar energy sector. Gold has also performed well, with a year-to-date increase of 12.8%, supported by central bank buying, strong Asian investment flows, and geopolitical uncertainties. Bitcoin, meanwhile, has set a new all-time high of $73,000 in March 2024. Additionally, these assets might see further upside if concerns about the U.S. debt load increase or if there’s a shift in Federal Reserve policy under a new administration.
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