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Gold and silver prices: What to know going into November
The uptick in the precious metals market has captured widespread attention over the past year, demonstrating remarkable strength that has caught many market observers off guard. The sustained bull run has defied early predictions and continues to generate significant returns for investors who positioned themselves in this sector, with both gold and silver posting impressive gains throughout 2024.
Gold, in particular, has been breaking records with unprecedented frequency this year, rewarding early investors with substantial returns that have outpaced many traditional investment vehicles. This powerful upward momentum has been matched by silver’s performance, which has seen its own impressive price appreciation since the beginning of the year, attracting a new wave of investors seeking to capitalize on the precious metals boom.
However, the economic landscape is showing signs of transformation as we approach the final weeks of the year. Inflation has been cooling rapidly, and the Federal Reserve’s first rate cut in September has triggered a shift in market dynamics, with interest rates starting to decline. With additional Fed rate cuts anticipated for the coming months, these monetary policy changes could influence precious metals prices going forward. As a result, there are a few things to know about gold and silver prices going into November.
Diversify your investment portfolio with gold today.
What to know about gold prices going into November
Gold’s remarkable performance in 2024 has been extraordinary, with prices surging by about 33% so far. The price of gold was just $2,063.73 per ounce on January 1 — but is now sitting at $2,734.46 per ounce (as of October 25, 2024). And despite the recent moderation in inflation and interest rates, market analysts remain bullish on gold’s prospects, with many projecting that gold prices could exceed $3,000 per ounce before the year concludes.
This continued optimism stems from several key factors. Global geopolitical tensions, persistent economic uncertainties and ongoing concerns about banking sector stability continue to drive investors toward gold as a safe-haven asset. The metal’s historical role as a hedge against uncertainty has only strengthened in the current climate, where traditional financial markets face increasing volatility.
Central bank buying also remains robust, with central banks worldwide continuing to diversify their reserves away from traditional currencies. This institutional demand, combined with retail investor interest and limited new supply coming to market, creates a strong foundation for sustained price support. The recent pattern of quick recoveries following any price dips also suggests a robust underlying demand that could push prices higher through November.
Capitalize on gold’s impressive price growth now.
What to know about silver prices going into November
Surprisingly, silver has emerged as an even stronger performer than gold in 2024, with prices climbing nearly 42% from $23.76 per ounce on January 1 to $33.67 today. This impressive gain highlights the potential for generating substantial returns by investing in silver, though investors should approach this option with an awareness of the metal’s characteristic volatility.
One thing to note is that the price movements in silver typically demonstrate more dramatic swings than gold due to its dual nature as both a precious metal and an industrial commodity. This unique position means silver prices respond not only to investment demand but also to industrial consumption patterns, particularly in growing sectors like renewable energy and electronics manufacturing. The global push toward green technology, especially in solar panel production, continues to drive industrial demand for silver, potentially supporting higher prices.
However, this same versatility can lead to increased price volatility. Economic slowdowns can impact industrial demand, while investment flows can quickly shift based on market sentiment. So, as we move into November, investors should consider their risk tolerance when approaching silver investments, as the potential for higher returns comes with the corresponding risk of sharper corrections.
The bottom line
The precious metals market has demonstrated remarkable strength so far throughout 2024, with both gold and silver delivering substantial returns for investors. As we approach November, the fundamental drivers supporting these prices remain largely intact, despite evolving monetary policy conditions. While gold continues to attract investors seeking stability in uncertain times, silver offers potentially higher returns with corresponding volatility. Investors considering entering these markets should carefully weigh their risk tolerance and investment timeline, recognizing that while the long-term trend appears positive, short-term fluctuations are likely to continue.
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Want 2024 World Series tickets? Here’s how much they cost.
Tickets to the 2024 World Series between the New York Yankees and Los Angeles Dodgers are among the priciest in Major League Baseball history.
The historic matchup between the two storied teams from opposite coasts, who haven’t met in a World Series since 1981, is the driver behind high ticket prices, experts say.
“It is one of the most in-demand World Series we’ve ever seen. Two marquee teams, from two major cities, both with star power brings a ton of demand,” Chris Leyden, director of growth marketing for SeatGeek told CBS MoneyWatch. “It has everything you could ask for form demand perspective, and we are seeing that push up ticket prices.”
The first game of the series will take place in Dodger Stadium in Los Angeles, at 8:08 ET. Fans will have to pay at least $700 just to get into the stadium, according to Leyden.
Average ticket prices for tonight’s matchup and other games set to take place in Los Angeles are around $1,700, according to SeatGeek. Ticket prices for games held in New York are slightly higher at around $2,300 each on average, partly because Yankee Stadium accommodates fewer fans than Dodger Stadium does.
“You can definitely get tickets for less, and certainly for more,” Leyden added. “Tickets are really hot in both markets.”
How hot are they? Leyden noted that average ticket prices for the 2024 World Series are comparable to those for Taylor Swift’s Eras Tour concerts in the U.S.
When is the best time to buy tickets?
Leyden said he’s seen demand both increase and decrease for sports championships, with prices dipping for tonight’s game over the course of the day — given that the first pitch will be thrown out in just a few hours. But it can be hard to predict the direction in which ticket prices move.
“Sometimes prices come down for championship events, sometimes they go up,” he said.
On resale sites like SeatGeek, the market determines the price. Sellers who list tickets for too much money won’t have any buyers. Folks who don’t set prices high enough will see their tickets sell quickly, but leave money on the table.
StubHub spokesperson Adam Budelli said 2024 World Series ticket purchases on the resale platform have already outpaced sales for last year’s MLB championship series, and that this year’s tournament will be the best-selling World Series in history.
“Get-in” prices for the cheapest available tickets to Game 2 on Saturday night are holding steady at around $950 per ticket, Budelli said.
Pricing will be more dynamic as the series progresses, based on the outcome of each game and fan speculation.
The World Series Championship is determined by the best out of seven games, meaning the first team to win four games wins the title. In the event that one team sweeps the first four games, Games 5 through 7 won’t take place.
That said, Budelli noted that it’s better for fans to purchase tickets to later games now, given that prices are holding steady and that sellers refund buyers 100% of the ticket price if a game never happens.
“Tickets to those games will only go up in price from here,” he said.
Budelli offered another insight for buying tickets: Typically, the best time to buy seats is 24-48 hours before the game, after the market has settled. This is to avoid peak-demand windows when prices spike, he said.
“We sometimes see ticket prices go up closer to the games, because of the amount of people shopping who have been waiting,” he said.
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