As the sixth largest gold reserve in Europe, Portugal saw this appreciation as a positive factor. Analysts expect prices to continue to rise.
In a context of global instability, precious metals reaffirm themselves as a good safe haven investment. Gold and silver prices once again reached record values.
O gold rose to around $4,600 per ouncewhile silver approached 85 dollarsa historic rise in the sector.
João Rothes, from the General Directorate of the Portuguese Jewelry and Watchmaking Association, states that “geopolitical conditions are a very important factor” that justify the rise in prices, firstly, “the war in Ukraine and now the situation in Venezuela”.
The historic values recorded this Monday were driven by a criminal investigation by the Donald Trump government against the president of the United States Federal Reserve, Jerome Powell.
On the other hand, Portugal, as the sixth largest gold reserve in Europe, welcomed this appreciation
“It’s always positive when we have something that values, and here we’re talking mostly about gold. If we look at the values at the end of last year and beginning of this year, of course it’s positive”, says João Rothes.
As safe haven assets, Both gold and silver remain safe investments.
“If we look at the rise in gold in recent years, there is no asset that can match it. Silver has risen even more than gold, despite not being as valuable a material”, says João Rothes, adding that, according to analysts, the The forecast is that “gold will continue to rise”, as will silver.
However, in retail this increase was not proportional to sales. José Manuel Silva, businessman in the jewelry sector, states that the sales volume did not increase and even “there was a slight decrease in terms of turnover”.
