2020 silver prices are surging to levels that haven’t been reached in a very long time. Silver futures have risen an astonishing 83% since March of 2020 when silver was in the $11 range. At the time of the article in August 2020, silver is trading near $30. A rare combination of factors is working together to drive prices higher and higher right now for silver and many precious metals. Now is the perfect time for you to get in on the silver boom by turning old jewelry into ingots of silver to be sold at these incredible prices.
Silver prices in 2020 are climbing due to many of the same factors that are driving up the price of gold in 2020 to record numbers over $2000 an ounce are pushing the price of silver higher as well. Economic uncertainty is being fueled by the ongoing coronavirus pandemic that is affecting every continent on the planet without a cure on the horizon. Countries are shuttering their economy and demanding businesses and workers stay home to avoid further impact of the virus. The U.S. economy, which had been reaching record high numbers on the stock market and record low numbers on employment under President Trump’s business-friendly policies, has been severely impacted.
Precious metal prices are skyrocketing in 2020 because of the aggressive monetary policy of fiscal spending, which restricts the capacity of bond yields to grow. Falling bond yields have historically boosted the price of precious metals like gold and silver. Another factor is the weakening of the U.S. dollar with international investors and money speculators due to the coming election in November of 2020. Many financiers are worried that the U.S. will swing away from being business friendly with the election of a socialist-leaning Democratic president.
The future of silver prices past 2020 are looking promising as well, due to its use in a wide range of industrial applications like electronics and solar panels. As economies start to reopen around the world in late 2020 and early 2021, many countries will be looking toward green technology to stimulate their economy. The European Union recently earmarked 30% of a nearly $900 billion recovery fund to be spent on green environmental initiatives. As manufacturing plants return to production, the demand on silver supply will be increasing to produce the equipment needed to fulfill the green investment strategies of the EU, and possibly a green infrastructure plan in the U.S. that is growing in popularity.
Cast Master Elite has the perfect way for you take advantage of the price boom in silver and gold. At the end of the day, all the information above and in the world does one no good, if they can’t capitalize on it to secure a payday for them and their family. Collecting scrap precious metals is something that anyone can do; it just takes a little effort and time. Broken jewelry is a great place to start, as silver and gold are the main metals you will find. Thrift stores, pawnshops and yard sales can be a literal silver mine. Another major source of silver is flatware, yes; plain old spoons, knives, forks and serving trays were composed of silver in years past.
The Cast Master Elite line of home smelting furnaces will turn your old scrap metal finds into some cold hard cash. Our home smelting equipment is super-affordable for anyone looking to take advantage of soaring silver prices. By melting down your own precious metal scraps, you cut out the middleman at a jewelry store, pawn shop or precious metal broker. Those places will only pay you pennies on the dollar for your precious metal finds. Cast Master Elite also has all the personal protective gear you need to safely do your own smelting at home. Our home smelting equipment also comes with a manual that’s easy to follow and understand for beginners.