Two years ago the price of gold reached a new all time high : – in July 2020 gold was selling on the London markets at $2,036 an ounce. Then in March 2022 – a new high of $2044 was reached .
Between March 2022 and November 2022 GOLD PRICES dropped as low as $1630 .
Since March 2023 – we have seen a steady rise in gold prices – with a one-year high of $2025 on April 5th 2023.
Many private small-time investors are keen to keep some of their assets in gold . According to Bullion Vault , which operates vaults in London, New York and Zurich there has been a ninefold increase in the number of gold bullion traders in the past five years.
More here on How to Buy Gold in Ireland
Why Gold?
People decide to put their hard-earned money into physical gold for many reasons. In the main it’s to diversify away from other investment markets, to hedge against inflation or as a ‘crisis insurance’ against possible financial instability. With Brexit and the Trump presidency – there could be some instability on the way in the next couple of years.
Central banks around the world hold about 12% of their reserves in gold. The US has the biggest hoard of gold, followed by Germany and the International Monetary Fund. If jewellery is included, India has the largest amount of gold within its national boundaries.
The amount of gold left underground could soon run out. At the end of 2005 the big gold producers calculated their reserves at 22,000 tonnes – or 14 years’ production. In reality, it is likely to be more, as new reserves are discovered.