The price of gold and silver bars and coins surged to record highs in late January, the culmination of months of sharp gains.
In the past year, gold prices have risen from about $1,100 per ounce to more than $4,400 a pound, while silver is up more than 20% from $4.437 to $5,800.
Gold, silver and copper have also risen in value this year, according to Bloomberg.
As investors look to buy or sell precious metals, many have been eyeing the prices of precious metal bars and stones.
Barstool, the most popular bar stool in the US, is selling its Gold Rush Gold Edition at an average price of $8,928, according a Wall Street Journal article published January 25.
On January 30, the gold price hit a record high of $10,854, which is about five times the price of a bar of the same metal at the time.
Gold rose $15.54 to $1.1042 per ounce, according the Bloomberg article.
Silver is up $1 billion to $2,904, while copper, which has been on a slide over the past couple years, is up about $200 million.
“The bull market in gold, silver, and copper has been a massive catalyst for the price, which had been moving in a negative direction,” said Andrew W. Lee, director of commodity research at Wedbush Securities.
Lee added that the “bull market” has now turned into a “bear market” in precious metal price gains.
“I am not convinced that a bear market in metals is likely to happen for the foreseeable future, and the bull market may actually slow down as people become aware of the potential risks,” he said.
“This is because precious metals are the main way in which a company can increase its profits,” he added.
The gold price may not be getting a boost this year from the gold rush.
The market has been hit by a shortage of the precious metal.
However, the shortage has not stopped investors from continuing to buy and sell.
According to Bloomberg, gold and platinum prices have been on an upswing, with a year-to-date gain of $3.4 trillion.
But this is not enough to push the price above $4 per ounce.
Silver and copper prices are expected to be up slightly in the coming months, Lee added.