This week we’ve seen the Pound has fallen short against the Dollar, following warnings over the expected desolate state of the UK economy in the next 17 months. Meanwhile Gold has enjoyed a price bump of 1.75% here in the UK whilst the pound has been struggling, versus 0.8% in USD. Is now the time to buy gold?
The Bank of England have warned of inflation continuing to climb to 13% or higher by the end of the year. Facing the reality of the cost-of-living crisis and lackluster economic growth, both being budding concerns for some time now. It’s time to focus on gold, away from the concept of tendered currency as security. The versatile yet reliable value of Gold is reflected in its rates. Precious metals might just be the frontrunner for the future of economic growth.
Bullion is at the top of investment choices for those wanting to expand their portfolios with a trusted safe haven. Unfortunately, the same cannot be said for our economy. We’ve seen the rise and fall of electronic cryptocurrencies built to replace the structure of legal tender as we know it. With the increasing stress on the pound and inflation looming over the UK for at least the next 17 months, investing in gold is looking to be the choice to trust. Now is the time to buy gold.