Gold prices increase as U.S. economy struggles amid pandemic
Across the U.S., gold prices are going up. The precious metal is worth more than $2,000 an ounce right now.
Like other peaks in gold prices, there are many people trying to sell. Fortunately for sellers, there are also many buyers right now.
The reason there are buyers is because many people think the price will just keep going up, and don't want to miss an opportunity.
SEE ALSO: COVID-19 pandemic leads to coin shortage across the country
The pandemic and the U.S. economy are the driving factors behind the rush to gold, according to experts.
If you are considering buying gold now, keep a few things in mind:
- Deal with sellers who you know or ones that have a good reputation so you know they aren't a business that will be here today, but gone tomorrow.
- Make sure the gold you buy is actually gold, and not some other precious metal that looks like gold, namely Tungsten.
- Make a plan for eventually selling your gold, and ask if the buy-back price will be fair.
"Anybody can say, 'Hey, I got gold to sell', and anybody can buy it at half what it's worth. But can you buy it back at more than it is worth? Can you buy it back at a true fair market premium?" Kenny Duncan Jr. with U.S. Gold asked. "I think that, in my opinion, that is the most important aspect to understand when you are doing business with somebody."
Gold isn't the only precious metal seeing an increase in value. The price of silver is also going up. It's currently at $28 an ounce.
Silver, however, fluctuates in price much more than gold.
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