{"id":7220,"date":"2023-05-11T07:56:04","date_gmt":"2023-05-11T11:56:04","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/why-gold-is-a-good-investment-right-now-and-may-be-set-for-a-new-record-price\/"},"modified":"2023-05-11T07:56:05","modified_gmt":"2023-05-11T11:56:05","slug":"why-gold-is-a-good-investment-right-now-and-may-be-set-for-a-new-record-price","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7220","title":{"rendered":"Why Gold Is A Good Investment Right Now\u2014And May Be Set For A New Record Price"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Gold is on the precipice of hitting its highest price on record as investors turn to the safe-haven asset amid a rocky macroeconomic environment, and analysts believe the precious metal could have much more room to run\u2014thanks in no small part to the potential recession looming ahead.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Gold prices are up 10% this year, on pace for their best annual performance in three years and up to roughly $2,040 per ounce, a tick behind their briefly-achieved peak of about $2,075 in August 2020\u2014when the Covid-19 pandemic and elevated geopolitical uncertainty fueled fervor for the safe-haven asset.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>And the precious metal could soon soar far past its all-time high, UBS\u2019 global chief investment officer Mark Haefele wrote in a Tuesday note to clients, setting a $2,200 target for gold by next March, indicating about 8% upside.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>A weakening U.S. dollar, historic stress in the banking sector, the standoff with the federal government\u2019s debt ceiling, easing expectations about interest rates and the rising likelihood of a recession all bolster gold prospects, according to Haefele.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>\u201cGold is typically driven by macro variables (US real rates &amp; USD strongest influence) rather than supply [and] demand,\u201d says UBS analyst Cleve Rueckert, explaining that the surge in the unique commodity\u2019s price is unique as it has little to do with its use case.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>So how can you get gold exposure? In addition to buying physical gold or futures contracts for the metal, investors can also purchase exchange-traded funds holding the commodity or buy shares of public companies who mine the metal, according to Morgan Stanley.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Surprising Fact<\/h2>\n<p>Gold mining stocks have surged this year: Shares of Gold Fields (up 50%), Kinross Gold (27%), Franco-Nevada (14%), Royal Gold (19%) and Barrick Gold (10%) have each outperformed the S&amp;P 500\u2019s 8% gain.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>The \u201cplethora of risk\u201d in the U.S. and abroad should stoke demand for gold, according to Oanda analyst Edward Moya, declaring it a \u201cwin-win scenario\u201d for the precious metal.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Long considered a safe-haven asset for retaining its value throughout history, gold became a darling for investors in 2020 during the worst pandemic in generations, gaining as much as 40%. Gold has returned 18% over the last three years, 54% over the last five years and 41% over the last decade. That compares unfavorably to the S&amp;P\u2019s 41% three-year return, 51% five-year return and 156% 10-year return, but easily trumps the low- to mid-single-digit returns for other non-equity investments such as government bonds and high-yield savings accounts. About a quarter of Americans think gold is the best asset to invest in long-term, according to a Gallup poll released Thursday, hitting its highest level in over a decade.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Chief Critic<\/h2>\n<p>Legendary investor Warren Buffett is famously a detractor of gold. The billionaire declared the investment \u201cdoesn\u2019t produce anything\u201d of value in a 2019 interview with CNBC. \u201cWhen you\u2019re buying nonproductive assets, all you\u2019re counting on is the next person is going to pay you more because they\u2019re even more excited about another next person coming along,\u201d Buffett added.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Investors Go For Gold As Prices Surge\u2014But This Asset Is Still The Best Investment, Poll Finds (<em>Forbes<\/em>)<\/p>\n<p>Silver Prices Surge As \u2018Perfect Storm\u2019 Fuels Dollar Decline: Why The Precious Metal Could Still Rally Another 18% (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/11\/why-gold-is-a-win-win-investment-and-may-be-set-for-a-new-record-price\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Gold is on the precipice of hitting its highest price on record as investors turn to the safe-haven asset amid a rocky macroeconomic environment, and analysts believe the precious metal could have much more room to run\u2014thanks in no small part to the potential recession looming ahead. Key Facts Gold prices are up 10% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-7220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Gold Is A Good Investment Right Now\u2014And May Be Set For A New Record Price | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Gold is on the precipice of hitting its highest price on record as investors turn to the safe-haven asset amid a rocky macroeconomic environment,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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