Gold has surged 35% this year, driven by geopolitical conflicts, Federal Reserve actions, and strong central bank demand amidst U.S. political uncertainties. Meanwhile, the U.S. economy grew at 2.8% in Q3, lower than expected, while consumer confidence rose significantly. Job openings fell, reflecting a cooling labor market, and concerns over electric vehicle sales persist.
Gold and silver prices are sharply higher, with gold hitting a record high and silver a three-year high. The general marketplace is very uneasy heading into the weekend, as geopolitical tensions have heated up just recently.
f there was ever a buy signal in the physical gold market, two consecutive years of record gold buying from central banks has to be it.
Gold’s upward trend above $2,000 per ounce is prompting calls for a rally to a new all-time high.
The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978 when it jumped 11.7%.
The U.S. economy added 187,000 jobs in August, while unemployment unexpectedly increased as the labor market continued to show signs of cooling, data from the Bureau of Labor Statistics showed Friday.
Many investors have continued adding physical precious metals into their portfolios for this purpose whenever temporary price dips have afforded them the option to do so at a relative discount.
Investors continue to take advantage of temporary price dips to add additional physical precious metals into their investment portfolios in hopes that it will aid in their diversification efforts.
Many analysts have returned to the viewpoint that a well-diversified investment portfolio should include an allocation of physical precious metals.
Physical precious metals have a long and storied history of being viewed as hedges against times of economic and geopolitical uncertainty.
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