Will the Covid-19 Pandemic Cause a Surge in the Prices of Gold, Silver and Platinum?
The year 2020 was not a very good year in a lot of ways. But it was quite a good year for people who invest in precious metals and precious metal scrap, because trading prices for precious metals have remained strong or have risen. Also, a growing number of investors have discovered that precious metals offer a type of investment that is sound, even in difficult economic times.
But we need to say that the current high prices in precious metals probably cannot be tied to the use of gold, silver, platinum and other metals in tests and treatments for Covid-19. Why? Because the quantities of precious metals used in those tests and treatments are quite small. So other factors have worked to keep prices high.
Let’s Review the Tests that Are Being Used to Screen for COVID-19
Reverse Transcription Polymerase Chain Reaction (RT-PCR) tests.
Rapid Antigen Tests.
Blood Tests for Antibodies to SARS-CoV-2 Serology.
Some of the chemicals used in these tests contain trace amounts of silver, but according to the best sources of information we can find, not enough to materially affect silver prices.
And What About Drugs Used to Treat Covid-19?
Remdesivir is currently the only medication approved by the FDA to treat coronavirus disease 2019 (COVID-19).
However, the chemical formula for Remdesivir is C27H35N6O8P. So no, there’s no gold, silver, platinum, or palladium in it.
So Why Are Precious Metal Prices So Strong?
Simple explanation! Prices are strong because people have discovered that the investments they are making in precious metals are resistant to adverse economic trends. They have also determined that working with a strong and trusted partner, like Specialty Metals Smelters and Refiners, is a good way to make smart investment choices.
If you have gold scrap, silver scrap, platinum scrap or another form of precious metal that you would like to have us test or recycle for you, be sure to give us a call at 800-426-2344. Together, let’s discuss your promising future in precious metals.
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