The price of gold topped $1,300/oz last Friday, hitting its highest level since June 2018. As confidence in the dollar continues to fall amidst geopolitical uncertainty, individuals and countries are flocking to the proven safe haven of physical gold.
Is This Gold's Big Breakout?- Video Transcription
Patrick Brunson: 00:00
So over the last week, we've actually seen gold jump over $1,300 an ounce for the first time since the middle of 2018. there's a lot of things that are sending the price of gold up, but the biggest one that most people are paying the most amount of attention to right now if you're watching the news, is the fact that we have several countries all around the world that are dumping US dollars in exchange for gold. Russia has been offering this exact scenario to just about every country who hold us dollars for global trade. They're now offering up physical gold in exchange for US dollars. So what does that mean? Well, essentially what that means is that the rest of the world is losing their confidence in the u.s. Dollar itself. It used to be backed by gold. Now it's backed by government promises, and quite frankly, a government that's $22 trillion in debt.
Patrick Brunson: 00:51
So, there's a lot of countries that are trying to minimize their exposure to the United States right now because many experts believe that the reign as the world reserve currency for the us dollars coming to an end very, very quickly. So with that being said, gold is one of the best sources of protection and the best safe haven asset that you can acquire, not just as a country that's trying to preserve their currency, but also as an investor or a consumer who's trying to protect their savings from the downside on the dollar. So there's a lot of really good information out there that you can get, but if you'd like, you can also get us money reserve's latest report, the 2019 global gold forecast. This will touch on a lot of different topics that are causing the prices of gold to rise. And it will also allow you to keep yourself up to date with what's happening going into this next year. Call the number on your screen or click on the link below to pick up your copy. If you're watching from Youtube, please subscribe to our channel, that way you don't miss a single episode. And as always, thank you for watching u.s. Money reserve's, market insights.