While the cryptocurrency market has been hitting turbulence lately, gold rose above the key psychological level of $1,900 per ounce on Wednesday, which it hasn’t managed since early January.
Boom Bust talked to David McAlvany, CEO of the McAlvany Financial Group, about the asset’s performance.
“Gold has been money for 5,000 years – it’s one of the most reliable stores of value on the planet. Central banks know it, high-net individuals know it, and a growing number of individual investors have gravitated towards it,” McAlvany says.
He pointed out that the precious metal has performed well, reaching a low of $1,680 in March and since moving to $1,900. According to the expert, gold ETFs are improving and investors are coming back. “The sentiment is just right … Setting new highs this year would not be a surprise, with a little bit of volatility in stocks,” McAlvany says.
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