Spot Gold hits record highs đ€Ż
Spot gold is currently booming and has hit an ATH of $2,623 per ounce.
This spike was fueled by various factors:
- The Fed decided to cut rates by 50 basis points, which is like them saying, âlet's make things a bit cheaper to borrow!â This usually makes gold more attractive because Gold doesn't depreciate when money gets cheaper.
- When the financial world gets shakey, investors often run to gold. Gold's shiny allure as a safe-haven asset tends to sparkle even brighter in times of economic uncertainty.
- Gold tends to benefit when geopolitical tensions escalate, such as the ongoing wars going on around the world globe.
- Currency Weakness. If your paper money is losing value, why not bet on something that's been valuable since humans figured out you could make jewelry out of it?
If you're thinking about investing because you missed out on the crypto craze or the meme stock mania, remember, gold's not just for doomsday or those with a severe distrust of banks. It's also for those looking for a bit of hedge against inflation, currency fluctuations, or just wanting to own something that's been a symbol of wealth since before wealth was even a concept.
