The price of gold exceeded 1900 dollars

The price of gold for the first time in nine years exceeded 1900 dollars

FINANCE

2020-07-27 10:21:00

The price of gold exceeded 1,900 dollars per& ounce — a record since September 2011, writes signal-means-profits. The maximum value in the trading session was 1904 dollars.

Since the start of the year, gold has risen in price by more than 25%. Why gold becomes more and more expensive and whether it is possible to earn money from it now?

— For gold, the situation is win-win. The coronavirus pandemic has brought about a sharp shortage of supplies and an increase in prices, and the situation inside the financial system, each within the whole world, is sadly very unfavourable. Investors are escaping from economic troubles by way of investing in the international's important protecting asset — gold. And the forecasts aren't very favorable, this additionally applies to new easing packages, which additionally cause an influx of reasonably-priced dollars, euros, and so on to the marketplace of valuable metals. Investors discount all this in the price and drive gold up. We can count on that by the end of the summer, we are able to maximum possibly ruin the extent of 2 thousand dollars per ounce. This is greater than 30% of the dollar yield, more than 40% of the finance yield since the beginning of the year. This yield, of course, does not give any bank deposits or other assets.

— So this trend will last for a long time? This is not a short story?

— In truth, with such a rush, corrections usually occur, that is, a fall. But gold had falls, they all ended up with the reality that it persevered continued to grow and grow at a rapid pace. This is a historical upward trend.

— If you invest in it, is it a good idea to make money on it now?

— Perhaps now there can be a correction at those levels, but nevertheless, if you invest for the long term, let's say a year or two — I recommend my clients to spend money on physical gold for three years, not in futures, not in auction, namely gold in bars and investment coins — then, of course, you will get a very good income.

Gold is getting more expensive on the background of the upcoming meeting of the US Federal reserve. It will be held on July 28 and 29, and it may adopt new programs that stimulate the American economy, experts say.

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Damian

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