Bank of America: now is a good time to invest in gold
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Bank of America believes that now is the right time to invest in gold. The bank believes that the precious metal is a good protective asset in case of sustained high inflation, reports CNBC.
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Investments in gold
“Gold is worth owning at a time when financial assets are offering negative real returns,” Bank of America investment and mutual fund strategist Jared Woodard said. According to him, gold is one of the few assets that does not correlate with stocks and can protect funds in case of stagflation in the economy.
Bank of America named five of its favorites among gold ETFs:
- iShares Gold Trust Micro (ticker IAUM);
- SPDR Gold MiniShares Trust (GLDM);
- abrdn Gold Shares ETF (SGOL);
- iShares Gold Trust (IAU);
- SPDR Gold Shares (GLD).
Read: Where to invest $50 thousand: we analyze the most reliable ways to store significant savings
Let’s remind
Gold prices reached their maximum this year at the auction on April 13 at the level of $2,060.8 per troy ounce. The precious metal last traded above this mark on March 8, 2022.
On April 27, the price of May gold futures on the New York Mercantile Exchange (COMEX) amounted to $2,001.2 per ounce. In total, since the beginning of the year, gold has traveled by approximately 8%.
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Source: Ministry of Finance
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