FAIRFIELD, Conn. - May 23, 2024 - PRLog -- The price per ounce of gold is up more than 15% so far this year. Analysts from Citi and other large banks are forecasting that the price of gold will hit $3,000 per ounce in the next 18 months.
Gold is primarily priced in dollars around the world. As inflation sets in and prices of everyday basics continue to rise, the value of the dollar continues to decline.
While most people are distracted by the latest crypto meme coin, changes are happening to the global economy, which also affects the value of the dollar and leads to rising prices of groceries, gas and everything else.
China is urging its trading partners to convert their international trade from the dollar in to the yuan. While central banks around the world are increasing their gold reserves to hedge against ongoing dollar devaluation.
Additionally, the BRICS alliance is creating a common currency that will be used by member nations, similar to how the euro is used throughout Europe. Analysts anticipate it will be an asset-backed currency basket, with gold and silver, along with other precious metals and critical minerals.
The CEO of JP Morgan Chase, Jamie Dimon, recently told BloombergTV that inflation is likely to remain higher for longer than people think and the Federal Reserve is keeping interest rates high.
Gold has been used as money, both as a store of value and as a medium of exchange. Investors turn to gold as a safe haven during times of economic uncertainty because it is a physical asset with a finite supply and helps to preserve purchasing power over the long-term.
How to Buy Gold?
Precious metals can be bought, sold and traded online and locally. Even Costco recently began offering gold coins online as well as in many warehouse locations. The sizes are limited to only 1 oz gold coins, which are currently priced around $2,400.
Those with a smaller budget that are looking to invest will typically look to fractional gold coins, which are more affordable and are available in industry standard sizes that contain 1/2 oz, 1/4 oz and 1/10 oz.
Fractional gold coins are minted by many different governments, each having legal tender status and a face value in the country's currency. These include:
- The American Gold Eagle series from the US Mint
- The Gold Maple Leaf series from the Royal Canadian Mint
- The Britannia series from the Royal Mint
- The Kangaroo series from the Perth Mint
- The Libertad series from the Mexican Mint
- The Philharmonic series from the Austrian Mint
- And others
FindBullionPrices.com is a website that tracks gold coin prices from a large assortment of trusted and reputable online coin dealers, which helps investors to compare prices and premiums to find the best prices.
Photos: (Click photo to enlarge)
Source: FindBullionPrices.com
Read Full Story - Why Are Gold Prices Breaking New Records? | More news from this source
Press release distribution by PRLog
