After Trump’s recent victory in the US presidential elections, due to his particular weakness for cryptocurrencies, analysts tend to characterize Bitcoin as a “store of value”, which could become a safe investment haven, replacing gold in the near future. This might not be the case as gold remains the timeless safe haven. The price of gold has increased by about 10% since the beginning of the year, compared to a return of about 4% for Bitcoin.

In January 2024, the price of gold reached 2,035 and last April exceeded the levels of 2,350 dollars and at the end of last August to 2,540 dollars per ounce, as there was optimism that the Fed was getting closer to cutting interest rates, as higher interest rates usually work negatively for gold. The reduction in borrowing costs generally favors gold, which does not offer interest and is pressured when the Fed’s interest rates are at high levels. The looming trade war further strengthened the price of gold towards the milestone of 3,000 dollars.

The city of London is the largest gold trading hub in the world, with precious metal worth about 800 billion dollars located in vaults in the British capital.

Ways of investment in gold, include the purchase of physical gold (such as gold bars or jewelries) and the purchase of the golden lira. If you are wealthy enough you can also invest in shares of gold mining companies!