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I really wish I could say that I own that pile of shiny treasure pictured above, but I sadly don't. Most of my silver and gold comes in much smaller increments, with the exception of some silver bars I have stored away in safe storage. But I sure wouldn't mind owning that nice little haul in the picture above. It was produced by MyGold which is a company out of New Zealand.
So why am I sharing that picture? Because gold and silver are the hottest investments in the world right now. Crypto has unfortunately been on a slide as of late, even Monero. But precious metals continue their rocket ride towards the moon.
Gold has been particularly impressive this past week, so let's start there today.
Gold
Over recorded human history and even before gold has been considered true money. Believe it or not there was a time that salt was worth more than gold in some parts or the world, but not anymore. Look it up! Gold is considered a safe haven asset where people invest to protect their wealth, especially in times of uncertainty. Today sadly we live in a world full of chaos and problems and people are once again flocking to gold.
Over the last five days alone gold has spiked from $4,900 to $5,300 per Troy ounce. And there are signs it may not be done yet. There will be some profit taking which is normal after a push like this, but it doesn't change the underlying fundamentals in the world.
From kitco.com
So if you want to invest in gold can you walk into a coin shop and buy one Troy ounce for $5,300? Not a chance. Why? Because all precious metals products carry a premium.
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It costs money to refine gold and make bars/coins/jewelry. That is the extra you end up paying over the base price of the gold itself. Not to mention the shop owner has to make a profit to stay in business. Premiums on gold can be very high, usually in the hundreds of dollars typically. So investing in smaller amounts is usually more economical.
I found this on sale on esty.com for $62.
It's one fourth a gram of pure gold. So there are ways for even those on a small budget to invest in gold even now with prices being so high! It's a smart investment, gold will always be in demand and will always have value. Even when your fiat not longer does!
Silver
Silver is on a rocket ride for the ages. Now sitting at $113, it was worth less than $30 one year ago. There is a world wide shortage of the metal and it can't be produced at a fast enough pace to keep up with demand. It's simple economics, when demand is higher than supplies the prices go up. The ride is far from over in my opinion, here's the chart for the last five days alone:
From kitco.com
I recommend investing in silver while it's still cheap! It won't stay this low much longer...
That will wrap up my post for this Wednesday, I hope you enjoyed it. Please feel free to leave any comments or questions below, and thank you for all of your support. I really to greatly appreciate it! Have a great hump day everyone!
References:
https://www.kitco.com/charts/gold
https://www.kitco.com/charts/silver
Disclaimer
I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!
All pictures are mine unless otherwise indicated.
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