Experts say the runway hasn’t come to an end yet, but to manage your risk.
SAN ANTONIO — The price of gold keeps going and going. Up that is. And the top still may be in the future.
Experts explain why that precious metal, along with silver and the stock market, keep rallying to new all-time highs.
“Anything. Anything’s possible. Sky is the limit. We could be at $6,000 in a week,” said Josh Benton who manages Alamo Heights Coin and Antique Shop. He says even though the price has been rising, there’s actually been an influx of buying.
“We’ve had more people selling off silver or trading silver for gold,” Benton said. “We still have a lot of people that are taking profits that have been holding on to it since, you know, they bought it below $2,000, below $3,000.”
Even silver has more than tripled in value in just the last year. Benton told us, “For the longest time it took about 100 oz of silver to buy an ounce of gold. That gap has closed, so a lot of people converting over to gold makes sense.”
UTSA political science professor Jon Taylor added, “People moving toward gold is a signal to the market that perhaps people are afraid about a recession, afraid about political unrest, about political uncertainty.”
Taylor says if people are selling off stocks in a rising market and moving money to gold it could be a sign they fear their financial future.
“A lot of it has to do with the fact that people are just plain and simple,” Taylor said. “They are worried, concerned, and often gold is viewed as essentially a safe harbor.”
Most financial experts say if you want to buy gold or sell it, that decision should be based upon how much risk you want to take and how much you can afford to lose.