Gold has again risen above $2,200 per ounce (now $2,232 as I write this). Gold’s climb recently has been very impressive, especially considering there hasn’t been any specific news that accounts for why it has risen.
As I’ve alluded to before in my writing, I see this as a long term sign that many recognize the decline of the USA Empire and with it the decline of the USA dollar. Of course this isn’t just the USA, other fiat currencies are doing poorly too. Trust seems to be eroding.
I looked at a projection I did a year and a half ago which indicated that it would be quite reasonable for gold to go over $2,500 per ounce in 2024. That’s looking like a real possibility.
It’s sure hard to recommend to anyone to buy gold at an all time high, however long term I do expect gold will continue to be an excellent way to store and maintain your wealth.
If your financial strategy is based on how finances have “always” worked over your lifetime, I encourage you to give this some serious thought. We are in different times.
I’m not a “financial adviser”, insert standard disclaimer here! I’m not suggesting you do anything but think and come to your own conclusions. Until recently, I lacked a serious financial education. Sure I took economics in college and I’ve always had a top notch “math” mind, but I hadn’t studied investing (or planning for a retirement) in depth until the past few years. Still, common sense has done very well for me. My stock investments have blown away the “market” performance. My gold investments are now proving to be very wise. But who knows, maybe next week gold will crash?
Keep in mind too, that I’m not someone interested in making money. My life is all about adventures and happiness, not wealth. So if you are looking to get rich, you might want to listen to someone else (read some of those books I’ve been reading).
As always, the best investment is in your own health and education! Never neglect those!
I’ve never had enough money to just buy an ounce of gold. But where would I even store it for safekeeping? I wouldn’t want to keep it in a safe deposit box because if the bank goes belly up, then what was the purpose? And I’d feel super paranoid having it at home. But mainly, if SHTF, and one needs to leave the country, there’s nothing stopping the government from passing a few laws that prevent you from leaving the country with your gold, or even better, confiscate it like they did in the past. I like the idea of it, I just don’t find it super practical. Another point is that if you need to have peer to peer transaction, gold is not readily divisible. You won’t be able to pay your neighbor a whole ounce for a chicken, say. Those are my concerns.