Gold exchange rate at record levels

Yesterday we wrote about inflation in Poland. It is currently growing in our country at a record pace. However, in the background there is [...] https://www.pinterest.com/pin/1085437947660215829/

Yesterday we wrote about inflation in Poland. It is currently growing in our country at a record pace. However, something equally interesting is happening in the background. The price of gold climbed on the chart to the new ATH. Gold exchange rate breaks records "It was so interesting that just on Friday the gold price set a new historical record. An ounce of the royal metal was worth over 6,200 Polish zlotys for the first time in modern history. It is interesting that the gold price explosion in PLN coincided with the publication of increasingly higher CPI inflation readings - still in mid-December, an ounce of gold cost a bit over PLN 5,600, i.e. almost PLN 600 less than now. - wrote Krzysztof Kolany on bankier.pl. Another interesting phenomenon is also worth noting. Since the beginning of 2020, gold prices expressed in PLN have jumped by as much as 23.5 percent when we compare them with those of January 2019. This clearly shows that the "yellow" metal is an ideal safe haven for times when inflation begins to rise dangerously for our savings. Admittedly, in the past, with the price of gold was sometimes different in the context of the relationship described above. Gold prices were falling despite the fact that inflation was rising. The matter looks better when we look at it from a broader perspective. Since the official release of the bullion price in the early 1970s, gold has appreciated strongly. Recall that for years it cost - artificially sustained at that level - USD 35 per 1 ounce. Today, the price is USD 1586.90 per ounce. This probably best reflects the scale of the phenomenon... Buy gold? "I don't mean to say that now you have to make peace with your nearest dealer and swap all your savings for gold bars and coins. That was very unwise. The point of investing in gold is calculated for the long and very long term and is to hold the yellow metal passively, not to speculate occasionally in anticipation of prices in a year or two." - Kolany adds. And he's right. It is also important to remember that it is always a good idea to diversify your savings. You can spread them across several types of safe haven. Tags Gold exchange rate safe haven gold