It’s the boom that keeps getting boomier. After a stellar 2024, gold continues to reach new highs, advancing by about 14 per cent over the past month alone, and up over 60 per cent on the previous 12 months, to break through the $4,000-per-ounce threshold.
According to the World Gold Council, as of October 8th, gold had already hit 45 all-time highs so far this year.
Unsurprisingly then, investors have been pouring into the precious metal. Last month, Bank of America said purchases of gold ETF increased by 880 per cent, with an all-time high of $14 billion flowing into the asset, and physical purchases also growing strongly.
In the UK, you can now buy gold in Costco; yes, you can pop a 500g gold bar (around £49,000) into your (online) trolley along with your 30 bars of Kinder Bueno, kilo of coffee and 24 cans of Fanta Pear.
No wonder, then, that some are questioning whether the current boom might in fact be a bubble. Alan McIntosh, chief investment officer for Quilter Cheviot Europe, describes recent price hikes as “insane”.
“It is getting a little bit crazy,” he says.
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