Jaspreet Singh Says You Shouldn’t Buy Gold in 2024 — Here’s Why
Jaspreet Singh, CEO of Briefs Media and host of “The Minority Mindset Show,” recently said in a video that you shouldn’t buy gold — at least too much gold, particularly in a panic — contrary to popular belief.
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One of the reasons, he said, is that he rather likes to invest in value-producing assets, such as his own company, real estate rental properties, stocks, as well as speculative assets such as crypto and startups.
In addition, Singh noted that while gold has increased “almost 5,000%” since 1970, it is still very volatile. Finally, he also argued that household income is growing nowhere near as fast as the price of gold relative to the dollar.
In turn, “now it takes more dollars to go and purchase that gold,” he said.
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Gold Becoming More Expensive To Buy With Dollars
Indeed, he explained that in 1970 the median household income in America was around $8,700, while in 2023, the median household income in America grew to $74,000.
“Now let’s take a look at home prices in 1970,” he said. “The median home sold for $23,000 but in 2023 the median home sold for $412,000,” he added. “But this is the real kicker: An ounce of physical gold in 1970 was selling for around $40 and by 2023 it was selling in the range of $1,940.”
Despite This, Singh Holds Some Gold
Yet, Singh also acknowledged that he owns some gold.
“Now just for full transparency I have been purchasing a little bit of gold every single month for a number of years now before it was cool to purchase gold,” he noted. This is something he also said in a recent GOBankingRates interview — adding that gold should be part of your retirement portfolio.
But, he added in the video, he owns it “as doomsday insurance.”
“It’s a little bit of my portfolio. It’s a 2 percentage piece of my portfolio, because for me, that’s an alternative way for me to save money,” he added.
Gold is considered a hedge against inflation. As of May 10, the price of gold rallied, hitting their best week since April, Reuters reported.
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This article originally appeared on GOBankingRates.com: Jaspreet Singh Says You Shouldn’t Buy Gold in 2024 — Here’s Why
