Gold prices recently hit record highs. Should it be in your portfolio?
Global News
The value of gold hit an all-time higher earlier this week. Here's how investment experts say you should approach the precious metal in your own portfolio.
A surge in the value of gold has given the precious metal a new glint in the eyes of investors.
The spot price of gold hit a peak of US$2,135.40 on Monday. It’s since cooled from those all-time highs but continues to hover around US$2,000 per ounce.
Experts who spoke to Global News say there are a few ways you can get exposure to the commodity in your portfolio, though some question the value of joining a modern gold rush.
A few simultaneous factors have been combining to drive gold values higher since early October, says Allan Small, senior investment advisor with iA Private Wealth.
Gold’s reputation as a safe haven and an alternative to the U.S. dollar makes it an attractive store of value in times of “chaos” and when the greenback is faltering, he tells Global News.
The Israel-Hamas conflict that’s been ongoing since October is one factor likely pushing gold’s value higher, Small explains.
Gold has actually been having a moment globally for a couple of years now, Greg Taylor, chief investment officer at Purpose Investments, says.
Central banks’ flood of stimulus into global markets during the COVID-19 pandemic pushed many investors into assets they felt were outside the traditional banking system, with cryptocurrencies and gold among the popular choices, he tells Global News.
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