Should I buy gold now? - News-Credit-Mortgage-Coin


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Tuesday, March 10, 2020

Should I buy gold now?

The stock market slump at the end of February pushed the gold price to its highest level since 2013. Simeon Gentscheff from Stiftung Warentest says what this means for savers.

Mr. Gentscheff, gold has been extremely popular as an investment for several months. Snakes even form in front of some gold shops. Why is that?

Gentscheff: There were queues at gold shops at the end of last year because the so-called money laundering amount was reduced. Since January, gold buyers have had to provide their personal details for as little as EUR 2,000. Previously, the gold purchase was up to 10,000 euros anonymous. At the end of February, the gold traded in dollars then reached a new high for euro investors, over 1,500 euros per troy ounce. Many investors consider the precious metal to be a safe haven ...

Usadonatecartocharity1 ... because they're afraid of a global financial crash. A good idea?

Gentscheff: In the past, gold often did better in times of crisis than the stock market, for example. Many people trust that this will continue to be the case in the future. Of course you can't rely on that. On the contrary, the gold price is subject to large fluctuations.

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