Many gold investors are frustrated right now… They bought gold at $1,500, $1,600 and $1,700 per ounce a few months back with — perhaps — the expectation that gold would hit, even surpass the $2,000 mark during the height of the COVID-19 pandemic. Yet, despite the stock market tanking back in March, some 40 million Americans facing unemployment in April and May, and bankruptcy announcements for some of the most beloved and well-known companies in the United States, gold has somehow managed to avoid the $2,000 mark — for now, anyway.
Still, gold has maintained solid performance throughout the pandemic, staying buoyant throughout the dips, dives, and turns the rest of the economy has experienced as of late. Those who bought gold in the early weeks of the pandemic crisis really haven’t fared any worse for the wear. This is yet another reminder that gold should be regarded less as a flip-worthy investment and more as an insurance policy against economic bad times.
Will gold go to $3,000? $5,000? $10,000? Maybe… But the question of perhaps utmost importance to those who buy gold for inclusion in their investment portfolios is how will it perform in the long haul? Gold may or may not break out for a hot streak up to $10,000 anytime soon — if it did there’s likely a tragic world event going on you’d probably rather not be experiencing. But, so long as gold stays the course, keeping up with or beating inflation, you’ll come out ahead with this precious yellow metal in hand.