After the value of basically every commodity and resource on Earth went trifold as a consequence of the war in Ukraine, the prices of both gold and silver also followed this alarming trend and recorded a rather concerning spike.
More specifically, in the last 24 hours, the price for an ounce of .999 fine gold went up by 3.15%, with silver going even a bit further by recording an even higher 4.38% increase for an ounce of .999 fine silver.
Consequently, all of the turmoil on the stock exchange that is a result of the ongoing war in Ukraine contributed to the price of gold to first surpass $2k, and eventually reach a record high of above $2.064 per ounce.
Just as expected, all of the precious metals followed the spike of gold and silver, and as a result, recorded one of the most extensive collective increases since 2008.
This includes copper, aluminum, zinc, nickel, iron, yellow brass and palladium, which just as gold also reached a record high price. Even corn and wheat are reporting worrying incline trends which for the time being, doesn’t look like it is going to stop.
Furthermore, just as gold and its metal cousins are spiking, so does trading markets around the world continue to struggle. This resulted in major equity markets such as S&P 500, Nasdaq, NYSE and the Dow to ‘go red’, i.e. lose value.
Another concerning matter is crude oil, which also records a substantial rise in value, reaching a whopping 129$ per barrel.
Consequently, as a result of this spike, gas stations all around the world were practically forced to increase the price of petroleum per gallon/litre, which understandably, caused panic among the population in every corner of the globe.
As the war between Russia and Ukraine doesn’t seem to show any signs of stopping, this alarming trend is only bound to continue. The only thing that all experts universally agree can save the day, is for the terrible war in Ukraine to immediately cease.
That is why it is imperative to keep a constant eye on all crypto assets on the blockchain, especially with the unpredictable nature of this particular technology.
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