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To say that the US economy is facing a fair amount of uncertainty is quite the understatement. After a year that saw both stock and bond markets losing ground, the consensus expectation for 2023 is that it will see the US economy falling into recession. But when that recession will occur, how severe it will be, and how long it will last all remain to be seen.

The banking crisis that erupted in March created a new area of concern for many savers and investors, who now have to worry that the money they hold in the bank is no longer as safe as they had assumed it was. And even though the federal government swooped in to make depositors whole and shored up confidence in the banking system, the instabilities remain.

That’s why so many people have been making changes to their ways of saving and investing. Many smaller banks have seen deposit outflows, while some larger banks have seen deposit inflows. And money market funds, Treasury bonds, and other safe haven assets have seen renewed interest.

One of those safe havens that has become increasingly popular is gold. And there are three factors today that seem to point to gold being more popular than ever.

1. High Gold Price

The high gold price today is indicative of high demand for gold. Trading right around $2,000 an ounce right now, gold isn’t too far off from the all-time high it set in 2020. And it wouldn’t take much to push it there.

Investment demand has been incredibly high for the past several years, and fears of recession have helped contribute to increasing gold demand this year. But it isn’t just individual investors who are looking at buying gold.

Central banks have been major buyers of gold in recent years too, buoying their reserves by increasing their gold holdings. Many of these central bankers understand that gold is the ultimate form of money, and that in the event of a currency crisis or a financial crisis gold can play a critical role.

How much higher could gold rise this year? It’s anyone’s guess. If the economy falls into recession, gold at $2,500 an ounce wouldn’t be unreasonable. And it could even go higher than that if the economy really falls into recession.

After all, gold nearly tripled in price between 2008 and its previous peak in 2011. And while that may seem impossible to repeat today, you can’t count it out.

2. Google Searches at All-Time High

Another indicator of gold’s increasing popularity is the fact that Google searches for “how to buy gold” are at their highest levels in 20 years. This is in no small part due to the banking crisis helping to stimulate demand for gold.

Looking at Google’s trend data for internet searches, the search for how to buy gold really took off in the aftermath of the failures of Silicon Valley Bank and Signature Bank. And that trend doesn’t look like it’s going to fade anytime soon.

This could be one of those data points that merits further observation, but right now it certainly appears that more Americans than ever are wondering how to buy gold. And with more options available now than in years past, such as the ability to buy gold through a gold IRA, there are gold buying options available for just about anyone.

3. Mints Going All Out

All of this increased demand for gold has led to mints around the world doing their best to keep up with burgeoning demand. 2022 was a banner year for many mints, with the Perth Mint, the UK’s Royal Mint, and the Austrian Mint among those seeing record demand for precious metals coins.

In fact, this continuing demand for gold coins has driven up premiums and led to periodic shortages. Even though there are thousands of tons of gold above ground, not all of it is available to coin. Supplies of coin blanks, press capacity, and workforce management have become bottlenecks at various times as mints work around the clock to respond to this record demand.

Goldco partners with mints around the world to ensure that our customers have access to authentic gold coins as quickly as possible. In today’s gold market, it’s not uncommon to wait weeks to find available physical coins to purchase in quantity, as much of the ongoing production is already spoken for before it leaves the mint. But Goldco is doing its best to anticipate future demand to ensure that our customers can get their gold as soon as possible.

Is Gold Part of Your Financial Planning?

With gold having grown so much in popularity, it’s becoming an increasingly important part of many Americans’ financial planning. Is it part of yours?

Gold has served as a safe haven for centuries, helping to protect and safeguard wealth through recessions, wars, and collapsing economies. Gold’s ability to maintain its value over the long term, and to maintain value when paper currencies continue to lose value, makes it a perennial favorite when inflation grows and the economy faces headwinds.

Whether you’re looking to protect your retirement savings with a gold IRA or just purchase a few gold coins, or something in between, Goldco has options to suit your needs. Our experienced representatives have helped thousands of customers just like you benefit from owning gold.

With gold taking center stage once again as the US economy faces the potential for a damaging recession, now is the time to consider whether gold should become part of your portfolio protection plan. Call Goldco today to learn more about how gold can help protect your financial well-being so that you can live out your dreams.