Black Country jeweller says 'astronomical' gold and silver market shows no signs of slowing down
A Black Country jeweller and gold and silver merchant has described the current price of precious metals as "astronomical" and says he sees no reason why the large increases will stop any time soon.
Aaron Sheldon, a director of Bowjangles in Wednesbury, says the price of gold and silver is on an upward trajectory as people look for safer alternatives to the stock markets.
The comments came as the price of gold passed £3,628 per ounce on Wednesday, a rise from £2,200 a year ago, while silver was trading at around £70.46 per ounce - almost three times higher than a year ago at £24.82.
The threat by US President Donald Trump of new trade tariffs of up to 25 per cent on European nations amid a row over the ownership of Greenland is seen as a major driving force behind the sharp rises as stock markets are spooked.
But longer-term issues such as the war in Ukraine and the cost-of-living crisis are also said to be behind a renewed vigour from investors to plough their money into precious metals.
The FTSE 100 and FTSE 250 indexes both closed down 0.7 per cent on Tuesday afternoon.
