21 Mar The Current Cost of Gold: Looking Up or Down?
It’s relatively stressful to think about the economy right now, given the global sense of instability that has both lingered and worsened. As such, it’s only natural that you might be considering investing in a reliable material: gold.
The only question: Where, exactly, does the value of gold stand right now?
Well, of late, there’s been a shift. But don’t worry, we’re here to break it down for you as easily as possible:
A Peek Into the Past
For approximately 30 years, the dollar value of gold had continued to exponentially balloon. However, over the last couple of years — particularly following the height of the COVID-19 pandemic — the overall market value of gold then turned and began its steady decline.
“The gold price ended 2021 at $1,828.60 an ounce, down by 2.9% for the year, as investors reduced their exposure to the metal in expectation of interest rate rises,” as reported by capital.com. “The price moved up to $1,855 an ounce on 25 January, then fell back to $1,786.60 on 28 January.”
In the midst of a bull market, however, this decrease in cost made gold more accessible to new buyers looking to diversify their portfolios and invest in precious metals. Thus, once the inevitable rise of gold’s value came back around, they would already have a hand in the financial game.
Facing Forward for the Future
As a result of the instability caused by Russia’s invasion of Ukraine, the market has once more flipped — and with it, the direction of gold’s value. That being said, this trend has been described by Market Watch as “a mix of cold war and hot inflation,” as the upward trend first emerged in January and has since continued to grow in strength.
In fact, “the price of gold surged last week to US $2,065 US dollars per ounce, just a few dollars shy of the previous all-time high in August 2020 of US $2,069 per ounce,” according to the Financial Post.
The degree to which this trend will continue is yet to be determined, particularly as investors continue to consider the possibility that we will enter a bear market. This type of market, as opposed to the recent “bull” market, is characterized by a falling market and an unstable economy.
Here for Success with Hemming Jewelers
Gold is always going to remain a central point of interest in terms of investment as, no matter the trend of the market, gold still retains its value. Thus, if you’re looking to sell your gold for cash in the midst of economic uncertainty, you can always stop in at Hemming Jewelers.
After all, we don’t just sell gold jewelry, we also buy gold!
In other words, regardless of whether you’re looking for the perfect engagement ring, a custom-designed heirloom, or a trusted jeweler to sell your gold to, Hemming Jeweler’s remains Jacksonville’s #1 independent custom jeweler!
If you’re ready to learn more about the value we can add to your life, reach out to our team today by calling (904) 354-5959. We look forward to putting a gleam of confidence back in your eye!