As the dollar retreats again this week, the urge to buy precious metals seems to be growing more widespread. Although the next Fed meeting is on the horizon, some of the savviest investors have been increasingly bullish about the precious metals market, especially with gold products. There’s no doubt that the demand for gold and silver is on the rise around the world, so what safer haven can there be?
Prices Surge in 2016
Since the beginning of the year, gold rose 24.1 percent and the price of silver increased 33.3 percent. While in May we watched prices fluctuate and go lower, once the June Brexit vote took place, we saw another rally for precious metals. While the price of gold dimmed slightly in August due to the hype surrounding rising interest rates, it’s looking up again this month.
Investors Flock to Safe Havens
The flight-to-safety mindset seems to be growing among investors, from novices to experts across the globe. It seems that the impending United States presidential election has sent many billionaires flocking to buy precious metals. Many famous investors have hedged their portfolios with physical precious metals for months and bought large amounts of mining equities. Famed hedge fund manager George Soros got in from the beginning of the rally, scooping up shares of gold producers including Barrick Gold and Newport Mining in early 2016.
Many believe that no positive outcome exists with regard to the upcoming election. Some predict that a Republican victory may incite uncertainty and volatility for the equities markets. Meanwhile, a Democratic win points to the continuation of policies that caused the country’s current weakened economic state.
Regardless of economic volatility, precious metals have retained their intrinsic value throughout history. The fascination remains, demand is increasing and prices are rising. There is no better time to make a safe investment in your future.
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