The bull market in gold this year has been impressive. One ounce of the precious metal has risen by a fifth in price since the beginning of the year, breaking historical records. Central banks are also among the buyers of gold bars. Among them, the National Bank of Poland is once again the leader.
Since the beginning of this year alone, the price of gold has risen by more than a fifth. Investment in the precious metal has thus exceeded the return on the major American stock exchanges, such as the S&P 500 or the Nasdaq.
The first records were already broken in May, when the precious yellow metal cost more than $2,450 for an ounce for the first time in history (and when on January 1, 2024 an ounce of gold cost $2,064, many thought it was already expensive). In July, the price rose to $2,465.32 per ounce. Then a correction took place and on August 20, the market value of an ounce of the yellow metal rose to a record value of $2,531.6. This means that the enormous gold bar, known from the movies, weighing 400 troy ounces (approximately 12.4 kg), cost more than 1 million dollars for the first time in history last month.
And while the price of the precious metal is still subject to corrective fluctuations, it is still hovering around historical records. Gold is on track to achieve its highest percentage increase in value since 2020. There is no shortage of experts predicting that the value of an ounce will soon exceed the 2.7 thousand level. dollars, and perhaps even the $3,000. gap.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
