President Donald Trump is pushing for regime change in Venezuela, leading to rising tensions off the coast. Gold and silver prices hit record highs due to this, with gold almost doubling in two years, surging 68% this year alone. Analysts predict prices could rise even further, reaching $5,000 next year.

Investors are flocking to safe haven assets like gold and silver amid fears of escalating tensions. The US attempted to intercept an oil tanker near Venezuela, adding to market volatility. Gold prices have seen their fastest annual pace since 1979, surging 68% this year alone.

Silver prices also hit record highs, jumping 140% this year. Expectations of US interest rate cuts and falling bond prices worldwide are driving investors towards precious metals. The US Federal Reserve recently cut its benchmark interest rate, further fueling the demand for gold and silver as safe haven assets.

Analysts predict gold prices could rise to at least $4,900 an ounce, with some expecting it to hit $5,000. Ordinary investors are also joining the trend, with billions flowing into gold ETFs in November alone. The total ETF gold stocks have reached a record high of 3,932 tonnes worth $530 billion.

Read more at Yahoo Finance: Gold hits new record as Trump ramps up pressure on Venezuela