Gold prices soar to record high amid market crash fears
CHICOPEE, Mass. (WWLP) – After a stock market crash, gold might be your next investment.
Gold hit an all-time high this week, reaching a record of over $3,100, that`s about 40% higher than a year ago.
This is the strongest quarter for gold since 1986 partly due to fears around Trump's tariffs which have triggered instability. Gold traders say it then leaves investors feeling anxious about the economy and looking to safe-haven assets. Unlike stocks or bonds, gold doesn't pay any dividends or interest and doesn't generate any ongoing returns.
David Rosen, a gold trader in Springfield told 22News, 'It's whether you're selling gold or buying gold, it's a good investment and the same thing holds for gold jewelry. When you own a piece of gold jewelry, you own gold. So unlike a used car that will depreciate over ten years and be worth nothing. Gold jewelry is always worth the gold.'
These investors are also not just buying up gold jewelry, coins, or bars but also pouring their money into gold-exchange traded funds. This allows people to invest in gold without physically owning it.
$6.8 Billion flowed into North American gold ETFs two months ago according to the World Gold Council.
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.
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