Even if there are doubters, gold is still a safe haven and there are good reasons for this.
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If you don't believe in gold, you're thinking short-term. Even if the price of the precious metal has fallen about 9.5 percent over the year, that's not that much with the strong U.S. dollar and rising bond yields. These headwinds are weighty, yet they couldn't hurt the price of gold that much. Other assets, such as equities, have been less resilient. And that is gold, valued in U.S. dollars. When looking at gold in other currencies, gold does better. The reason is that many currencies have depreciated sharply against the U.S. dollar. For example, the Chinese renminbi and the British pound are at all-time lows. Gold, for example, shows a positive balance when calculated in Canadian dollars. Of the gold prices, only those in U.S. dollars and Brazilian reals were negative.
Gold is therefore still a long-term value as a hedge against geopolitical risks and against inflation and currency risks. With its investment value, gold is an important component in a diversified portfolio. In 2020, the global pandemic lifted the price of the precious metal to an all-time high. Today, gold is a far cry from the more than $2,000 it reached back then. As interest rates rise, that's not so good for gold as an interest-free investment. But when an end to interest rate hikes comes, the price of gold will pick up, and it will pick up significantly. And there is definitely a chance of interest rate cuts next year. So, investors need to be patient at the moment. But perhaps a bargain can be made just so. For example, the stocks of Karora Resources or Maple Gold Mines are of interest.
More than 20 grams of gold per tonne of rock was returned by Maple Gold Mines' recent drilling at the Eagle property. The company is advancing two gold projects in Quebec with partner Agnico Eagle Mines.
Karora Resources - https://www.youtube.com/watch?v=y5HXuXb8Jhg - is working to increase gold production at its Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia.
Current corporate information and press releases from Karora Resources (https://www.resource-capital.ch/en/companies/karora-resources-inc/ ) and Maple Gold Mines (https://www.resource-capital.ch/en/companies/maple-gold-mines-ltd/ ).
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