Volatility of the Pound

The recent bouncing around with the value of the pound against the dollar due the UK government's "mini-budget" has caused great volatility in the metal markets. 

Two forces are playing against each other:

  • selling-off of the pound which weakens it against the US dollar and sees the GBP price of metal fall
  • selling-off of the pound and buying safe haven metals instead to push the price up

The silver price has jumped around, but in recent days mostly upwards, whilst the gold price is approaching record GBP levels once again.