Summa Silver Corp. (TSXV: SSVR, OTC: SSVRF, FRA: 48X)
Silver Lives Here
Gold has maintained its upward momentum since U.S. President Trump’s comprehensive tariff policies triggered global market turbulence. On Tuesday (May 6, local time), gold prices extended gains to a two-week high, supported by post-holiday buying in China and uncertainty surrounding U.S. tariff policies. As of 10:45 a.m. ET, spot gold rose 1.6% to $3,388.81 per ounce, briefly approaching the $3,400 mark during the session. Meanwhile, three-month U.S. gold futures climbed 2.1% to $3,392.60 per ounce.
The rally coincided with the return to trading of China, the world’s largest gold consumer, after its early May holidays. Data from the Shanghai Futures Exchange showed that recent gold trading volumes have repeatedly hit record highs. Adrian Ash, research director at BullionVault, noted, “This bull run is being driven by a fresh wave of gold investment in China, against a backdrop of central banks globally continuing to reduce their holdings of U.S. dollar-denominated assets.”
At the same time, the U.S. dollar—traditionally a safe-haven asset like gold—has remained under pressure as investors grow increasingly wary of potential trade agreements. Daniel Ghali, a commodity strategist at TD Securities, said, “Chinese speculative participation has notably increased, while Western markets, despite gold being overbought, still show low positioning. These two factors will jointly push gold prices higher.”
Gold has gained over 25% year-to-date, hitting an all-time high of $3,500 per ounce just two weeks ago. Multiple institutions remain bullish on its outlook: JPMorgan predicts gold will reach $3,675 per ounce by the end of 2025 and break through $4,000 in the second quarter of next year. TD Securities expects the metal could hit that milestone even earlier, potentially within this year.
Investors are closely watching the Federal Reserve’s policy decision due Wednesday, which may provide clues on the timing of interest rate cuts. A dovish signal could further enhance gold’s appeal.
