What Does This Mean For Your Wallet?
An investment manager recently made the audacious prediction that gold could hit a whopping $3,000 this year. Everyone’s wondering what this means for them—even those who haven’t had the urge to become a pirate and stash their valuables in a chest on some remote island in the Caribbean.
As it stands, we’re being charged more for everything from groceries to rent to health care. In this rapidly-inflating economy, gold remains the refuge for smart investors.
Why Gold Is Going Up
The global economy is unstable, and governments have no choice but to print more money. This drives the value of this currency down, and gold—which isn’t affected by such economic activity—goes up in value. Behind this trend is something economists call debasement, which basically means that people’s savings aren’t worth as much as they once were. Gold is the only true form of real wealth.
What You Can Do To Protect Yourself
You don’t need to be a financial genius to protect yourself, but it helps to be aware of what’s happening. After all, knowledge really is power when it comes to money. Here are some steps you can take to ensure that your wallet doesn’t take any real losses:
- Carry Cash. This may sound strange, but if you store cash at home, it will actually hold its value better than money in the bank. Just be sure to keep it in a place that’s safe from burglars.
- Invest in Gold and Silver. Both precious metals have gone up in value over the past few years, and they’re expected to continue rising. Only invest what you can comfortably afford to lose, though.
- Find Alternative Ways to Make Money. Whether it’s selling items online or finding a side hustle, supplementing your income with extra cash can mean the difference between getting by and going without.
What Does The Future Hold?
It’s hard to predict exactly what will happen in the coming months and years. But if the investment manager is right, then gold could be worth a lot more by the end of the year. In the meantime, be sure to stay informed about what’s going on in the economy, and take steps to protect your financial future.
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