Article Image
IPFS News Link • Gold and Silver

Demand for Gold-Backed Tokens Brings Premiums as Precious Metal's Value Jumps Higher

•, by Jamie Redman

An ounce of fine gold jumped from $1,826.92 on February 10, to $1,897.36 per ounce on February 19. Additionally, the top gold-backed crypto coins today have seen a significant increase in demand alongside premiums above the spot market price of gold.

Gold Shines During Economic Uncertainty

The world's economy has been shaky and many are blaming the turmoil between Russia and Ukraine, and the possibility of war. This has caused equities markets to drop this past week and by the closing bell on Friday, all three of the top indexes remained in the red. Nasdaq closed at -168, the Dow Jones closed at -232, and NYSE was down -99 at the end of the day on Friday as well. Furthermore, cryptocurrency markets followed suit as billions of dollars have left the crypto economy as it dropped below the $2 trillion range last week to $1.88 trillion.

Today, the crypto economy has lost 3.1% in USD value during the last 24 hours and bitcoin (BTC) has dropped below the $40K price zone. In contrast to equities and cryptocurrencies, the precious metal gold has done well this week, gathering 3.85% in USD value over the last seven days. At the time of writing one Troy ounce of .999 fine gold is changing hands just below the $1,900 range at $1,897.36 per ounce. An ounce of .999 fine silver has also increased in value since January 28. On that day, an ounce of silver traded for $22.47 per ounce, and today it's changing hands for $23.94.