It therefore features in any well diversified investor’s portfolio, whether via gold-mining shares, gold funds, bullion or whatever. It is also a good way of avoiding currency devaluation. Its returns are uncorrelated with assets like stocks, so it tends to hold its value when they fall. Gold confers familiarity during downturns. Even after a strong rally since March, the S&P 500 stock market index is down nearly 10% over the same period. Gold is trading above US$1,750 (£1,429) per troy ounce, which is the standard measure – more than 15% above where it started 2020. With global financial markets in disarray, many investors are turning to classic safe havens.
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