89.8 F
Fort Worth
Tuesday, June 2, 2020
Home Banking Hello, gold

Hello, gold

Investors have retreated to a traditional safe haven at times of fear and uncertainty — gold — during the coronavirus pandemic. While stocks are down roughly 12% this year, and other commodities like copper, silver and oil have lost value, gold prices are up 15% in 2020 and nearly 40% from a year ago. For decades, gold has been the place investors have stashed their money during fearful times. Gold spiked during the 2008 financial crisis
and continued to climb for another three years. The precious metal hit a record high in August 2011 of $1,831 an ounce, during the standoff between House Republicans and President Obama over the debt ceiling debate, which caused the United States to lose its “AAA” credit rating. The price of gold is almost back to its 2011 high, as the coronavirus pandemic shutters businesses worldwide and brings economies to a standstill on par or worse than the Great Depression. Investors