Gold is a precious metal that has been hitting record highs through the first few months of the year, and analysts, including those from CWEB, believe it will go much higher in the next few months. On Thursday, gold hit $2,300 for a short while and then eased a little in value. We believe that it may reach $2,600 this year. Early Friday, gold eased to $2278.
Gold has been viewed as a haven by many. Two large Asian countries, India and China, have traditionally invested in gold and have investments not only by their governments but also through their citizens, who are large consumers of gold as jewelry. Investments are also made through gold bars and coins, which are 100 percent pure, or as jewelry in the form of yellow or white gold (more valuable) or rose gold (less useful).
The World Gold Council reported that the demand for gold in Asia remains high as people still prefer the yellow metal as an asset.
The geopolitical situation with continuing conflicts in Ukraine-Russia and Israel-Gaza has also made gold a much more stable asset as currencies, stocks, and commodities are more volatile. Gold has always performed well during conflicts.
Gold is also a helpful metal, unlike paper currency or the still more volatile cryptocurrency with zero official value in most Asian countries. Gold jewelry is considered to be both an asset and an adornment. It is worn as jewelry in good times and pawned or sold under challenging times.
Gold has been used since time immemorial as jewelry. It is also used in electronics, medicine, space exploration, aerospace, dentistry, and other industries. It is a solid, dense, useful metal; one solid gold bar is worth thousands of dollars.
Americans have also started investing in gold as Costco reported sales of $100 million in its fiscal first quarter, which ended on November 26.
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