Amaroq pours first gold at Nalunaq Mine
Amaroq has completed the first gold pour at its flagship mine in Greenland.
The gold market has been relatively quiet of late with the metal hovering either side of $1,300 for months.
After last year’s white-knuckle ride culminating in the metal’s worst performance in more than 30 years, there are those who welcome the calm.
Sister silver’s wild price fluctuations is why traders often refer to it as the devil’s metal, or in today’s idiom: Gold on crack.
However like gold punters, silver traders are no longer swinging for the fences as they did in previous years: volatility in the silver price is at a decade low.
Money Morning has crunched the numbers and if you plan to invest in metals this month, silver could be your best bet.
Silver has finished up every year in August for the last five years. And the monthly returns have been mouth-watering – averaging 10.4%, including a 19.3% gain last year.
Over the last decade, the appreciation has been less pronounced but still solid: The precious metal has finished up seven times and averaged a 3.6% for the month.
“With silver only up slightly year to date, I think odds are good we’ll see it gain some ground in August,” said Money Morning Resource Specialist Peter Krauth. “We could well see trading pick up this month.”
Last year, trading volume increased by 65.1% in August according to the website.
