While the crypto industry is looking green due to the confusion surrounding Bitcoin (PTC) exchange-traded funds, the price of gold is also rising rapidly. At the time of writing, the price of gold has risen above €60 thousand. One of the reasons for this can be seen Rising US national debt This creates fear in the citizens.
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Gold prices continue to rise as the US national debt continues to rise
At the time of writing, a kilo of gold is worth €60,086. The precious metal has gained several thousand euros since the start of the month. On October 8, the price of gold reached its lowest point, when people paid 56 thousand euros per kilo.
One of the main reasons for the increase is the rising US national debt. Debts are not new, but lately people are more concerned about it. According to the American Debt Clock, the United States currently has $33.7 trillion in debt.
As the rising national debt is often linked to inflation, American citizens are turning to financial alternatives. It can be stocks and bonds, but also precious metals like gold. Due to massive buying of gold, the price of gold has risen sharply.
Gold’s enduring appeal
With the uncertainty surrounding digital currencies and the increasing complexity of the financial world, gold remains a reliable safe haven for investors. If the craze for gold continues to increase, adding gold to the investment portfolio would be a wise move. Even as fiat currencies fall sharply due to inflation, gold retains its value. This makes it a great tool to fight inflation.
For those interested in gold or other precious metals, Gold Republic, the largest gold platform in the Netherlands, offers a free welcome bonus to crypto holders. Every new customer Through this link Create an account and get 60 euros (1 gram) of free gold.
Want to read more about the Golden Republic first? Read here Golden Republic Review of Crypto Insiders.
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