Look at the gold price last year using this chart from GoldCore. You can see the gold price last year priced in pounds, or adjust the dropdowns to see it in euros, US dollars or Australian dollars.
If you bought gold bullion last year then you may well know what the gold price last year was. But if you bought it a few years before, or maybe a few months ago from today then the chances are you don’t know. This is because usually when people choose to buy gold bars or buy gold coins, they do not do it so they can then sit and watch the price. They do it because it’s actually quite boring. Gold does very, very little. Gold is attractive because it is everything else that makes the drama, allowing gold to quietly remind us why it is needed.
The gold price last year over 3, 6 or 12 months say, can tell us two things:
From this we can see how the value of our portfolio changed. We might also decide that we can extrapolate from that chart how the gold price will react to similar geopolitical or unforeseen events that may have happened in that time period.
However, the one thing that a gold price chart definitely cannot do is predict the gold price. It can only show you the gold price last year, or 5 years ago, or ten years ago etc. And this is ok because we don’t buy gold in order to make a quick buck. We buy gold bars and we hold gold coins because we want to hold it in the long-term to protect the value of our diversified portfolio.
The difference between deciding to buy gold bars today or buying gold coins tomorrow is not going to be the difference between a profit-making and a loss-making portfolio. You should look at the price of gold from an affordability perspective, and ask how much gold you can afford to buy. If you would like to own more gold than you can currently afford then why not look into our gold saver plan, Ireland’s first gold accumulation account.
If you'd like to include Gold in your portfolio but need some assistance, please contact GoldCore by chat, email, or phone, and our knowledgeable team would be happy to help.
At the time of writing, gold continues to trade in a narrow range around $4,050/oz as investors await this week’s key US economic data, particularly Friday’s Nonfarm Payrolls (NFP) report. Deutsche Bank expects US employment to increase by 65,000 jobs in July, a modest improvement on June’s 57,000 gain, while forecasting the unemployment rate to […]
What We TrustSix true stories about money, ownership and survivalA six-part GoldCore Friday Read series using true episodes from financial and social history to explore what money is, what ownership means, why intelligent people speculate, where wealth becomes safe and what we are ultimately trying to preserve. On 16 October 1834, workmen at the Palace […]
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