Just as holiday revelers in a COVID-laced America shop, travel, and cheer ahead of Thanksgiving, gold prices take a tumble on a wave of building confidence that things may be returning to normal in the not-so-distant future. While precious metals investors are probably looking for the nearest hot drink with which to drown their sorrows, most Americans are raising toasts of holiday good tidings — socially distanced, of course — at the bevy of happy headlines crawling across TV screens throughout the land.
After a contentious election, outgoing President Donald Trump and his team have officially permitted the incoming President-Elect Joe Biden to begin transitioning into the White House. Wall Street rejoiced at the news, with the Dow breaking 30,000 points for the first time ever, helping to send gold prices lower. And this comes on the heels of now several well-known drug companies reaching final study phases for a COVID vaccine promising between 90% and 95% efficacy; release of the vaccine in the coming weeks will finally begin putting an end to the pandemic.
So, what does this news mean for gold investors? Is it time to sell? Rather, it may be the best time to buy. Just as Black Friday and Cyber Monday are promising great deals for holiday retail shoppers, it seems the precious metals market is offering its own brand of discount specials for gold speculators. With gold prices barely above $1,800 as of this writing, the time may be right for those who were holding out on buying bullion for their portfolios to dip in and take advantage of the lower prices while they’re around.
Pre-1933 United States gold coins, vintage world gold coinage, and gold bars from reputable private mints are among the best buys for those who wish to invest in the precious yellow metal. There is never a “sure bet” when it comes to investing in anything. But if the economy really does come humming back to full tilt as many believe it soon will, then manufacturing sectors will require gold for industrial production, and this may help influence gold prices upward in the months ahead. Though only time will tell… However, one thing is for certain: as we get ready to share holiday cheer with the ones we love — even if only through a “virtual” toast over a videoconferencing app — let’s hope that joy, success, and prosperity is in store for all of us.