Will gold prices keep going up? Our clients have spoken
This Tuesday gold prices shot up — as fast as Kim Jong-Un’s missile sped over Japan. We’ve seen this before. Gold prices go up with every threat. And then they come down as those threats subside. But the trend is up (you can see it here). So is this time any different?
We asked our customers if they think gold prices will keep going up in a quick in-app poll. We haven’t closed the poll yet (as of 8am Kuala Lumpur time) but the overall feeling is clear: 94% thought “up”, 6% thought “down”.
You can see below a screenshot of the results (cropped for length and privacy purposes).
And were they willing to put the money where their mouth is? Again the answer is yes! On Tuesday, the proportion of customers who bought gold vs. who sold was 3:1 (granted, this ratio is not as high as the 94% vs 6% poll result but it’s still a fairly overwhelming balance).
A small disclaimer. I‘m not claiming that our customers can predict the market. They are biased towards being inherently long on gold (i.e. they are looking to hold and accumulate gold). And most are not professional investors.
However, there are strong reasons to think that gold prices will go up in the long-term. And we believe that gold should be held to protect one’s savings until threats become reality, not before. It’s reassuring to see that most of our customers seem to feel the same.