For years, the precious metals market has attracted many individuals looking to diversify their investment portfolios and secure financial freedom by purchasing and selling gold, silver, and more. Gold products, in particular, remain the most popular among investors, as this precious metal has unmatched durability, impressive resistance to corrosion, and a historical value that dates back centuries.
Nations today aren’t on the gold standard, as most countries use paper currency. Before 1934, the U.S. government provided gold certificates, which proved that an institution held a certain amount of gold. Today, a gold certificate is a collectible item.
Although using gold as currency is no longer a common practice, many countries have stores of physical gold to use as a fallback in an economic crisis. This practice is among the factors influencing the price of troy ounces of gold. Gold is already a scarce precious metal, given how challenging it is to mine, so when major gold suppliers’ geopolitical and economic landscapes change, so too does the price per pound of gold….