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Precious Metals Recap February 2024

Looking at the state of precious metals in February 2024, gold improved ahead of anticipated interest rate cuts and planned upgrades to Australian silver deposits point to increased productivity. 

Let’s examine these and other precious metal prices against the backdrop of recent developments in this precious metals recap for February 2024. 

Key Points

Market Overview

Gold stocks have, in general, performed well since December 2023. On 2 Jan 2024, it reached A$3043,71 per ounce of 24k, and on 2 February reached A$3126,91. Continuing its upward trajectory by the end of February, it reached A$3144,28. 

Silver has been relatively stable. On 2 January 2024, it reached A$34,95 per ounce, and on 2 February 2024, it reached A$34,78. At the end of February, the AUD price per ounce of silver reached A$34,86. Unlike gold, silver did not show much significant growth over the first months of 2024.

There was not much movement for Platinum Capital Limited (PMC.AX) in January. It opened and closed at 1.2800 at the start of January 2024. In February, it opened at 1.2900, closing at 1.2950. Platinum closes higher at the end of February at 1.3300.

Relevant News

Although the Reserve Bank of Australia does not seem poised to cut interest rates, expectations for an imminent rate cut remain high. This may be behind recent investor confidence in gold. Experts point out that gold prices tend to spike when interest rates are cut.  

Silver Mines (ASX/SVL) is upgrading the existing 396 Moz silver resources at Australia’s largest undeveloped silver deposit, Bowdens. The company is well funded to deliver following its oversubscribed $8 million placement and $2 million share purchase plan.

Conclusion

Historically, gold and other precious metals have been considered resilient assets even in uncertain economic times. 

With all eyes on the RBA for expected interest rate cuts soon, the gold price has been recovering. And with Silver Mines’s announcement of its Bowdens silver deposit upgrade, an increase in silver production is on the cards.

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