The value of gold and silver in ’24k: Safe Haven Metal unveils the Gold Rush, US Digital Currency Shift, and Central Banks’ Record-Breaking Acquisitions in this article on the year of gold.
In the year of gold ’24, the play on words with 24k gold takes on added significance. Safe Haven Metal stands as a beacon in these uncertain times, guiding investors through the intricacies of the gold market. The company’s commitment to providing valuable insights and evidence-based strategies empowers individuals to navigate the fluctuations with confidence.
Gold and silver have long been seen as items of intrinsic value, with both metals being used in monetary systems as far back as 3000 B.C. In 1971, President Nixon took the US dollar off of the gold standard. Allowing the government to print as much money as they could want. Is there still value in gold and silver today? Is gold still a valuable purchase?
The short answer: yes! Gold and silver’s value has continued to make them wise purchase choices even in 2024. The long answer: it depends on what you are looking for. If you want a stable long-term asset that preserves value and requires no additional effort, then yes!
How do Gold and Silver Enable Asset Protection?
The current inflation rate as of January 2024 is 3.4%. That means that as you read this, your U.S. dollars are decreasing in value. And that inflation rate can be unpredictable – in 2022, the average inflation rate was as high as 8%. If you want to maintain the value of your assets over a long period of time, this loss in value can add up. This is why millions of Americans turn to safer, more stable options like gold and silver.
Remember, the current inflation formula that uses the Consumer Price Index (CPI), does not include gas and food as everyday expenses. So long as you do not use either of those, then you can budget using the released inflation rate.
Precious metals have been used as an inflation hedge since as far back as the 1970s. When inflation rises, gold and silver’s value also tends to increase. If you have $1000 and an average inflation rate of 5%, after five years your money is only worth $782. If the price of gold also increases by an average of 5% to match inflation, as has been historically documented, your $1000 is still worth $1000 at the end of those same five years. Regardless of market changes, the value of gold and silver today will hold the same relative value in five, ten, and even twenty years. This inflation calculator you can play with to prove this point.
Gold and Silver’s Value vs. Other Inflation Hedges
Gold and silver are not the only purchases one can use as asset protection. Real estate is the most common option, while cryptocurrency has recently become more popular. However, gold and silver remain popular choices because they have several unique advantages.
Gold vs. Real Estate
Though gold and real estate are both used as assets to protect against inflation, they are very different purchases that offer very different advantages. Consider the differences carefully when choosing between gold and real estate.
| Gold | Real Estate | |
| Investment Size | Flexible depending on your need. You can buy as many or as few grams of gold as you want. | A huge investment. Requires a large initial lump sum and payment plan. |
| Liquidity | Easy to buy and sell. Can be easily converted to cash, and you can liquify only some of your gold assets instead of all at once. | Selling real estate can be an involved process that requires time and effort. Each real estate investment must be sold in its entirety. |
| Effort | No additional effort needed after purchase. | Requires routine maintenance and effort, especially if used as a rental property. |
| Earnings | Gold and silver’s value resists inflation but does not actively generate earnings. | If used as a rental property, can generate monthly income from tenants. |
| Time Value | Maintains value over both short term and long term, though long term is likely to be more stable. | Must be held long term in order to be a valuable purchase. |
| Tax Benefits | Requires holder to pay capital gain taxes unless using a gold IRA. | Can be used for tax deductions. |
Gold vs. Real Estate Chart 1.
If you want a large investment where you can take an active role to produce a monthly income, you might want to consider real estate. If you want a flexible, easily liquified investment that requires no additional time or effort to maintain, gold is a good choice for you.
Gold vs. Cryptocurrency
The value of gold and silver today holds up even against more modern assets. Cryptocurrency is a relatively new innovation that uses digital assets to maintain value. While this digital currency initially skyrocketed in value, it has since been proven to decrease in value just as rapidly. This asset still has a high volatility and is nowhere near as stable as gold. It is also entirely digital, which means that it is easily liquefied but does not contain the same security as a physical asset does.
Overall, cryptocurrency is a good choice for someone who wants to play the market and obtain short-term gains, while enduring short-term permanent risks. In the sense of maintaining long-term value, however, it has yet to be a real contender for the time-proven stability that resides in gold and silver’s value.
Should I Buy Gold or Silver in 2024?
Both gold and silver are great purchase choices in 2024. One can easily buy and sell these precious metals and both have a tendency to preserve value over time, making them ideal for asset protection. However, each has their own advantages and disadvantages that you should consider when making a purchase.
| Gold | Silver | |
| Easy to Liquify | 👍🏼 | 👍🏼 |
| Short-Term Stability | 👍🏼 | |
| Long-Term Stability | 👍🏼 | 👍🏼 |
| Affordable | 👍🏼 | |
| Resistant to Economic Changes | 👍🏼 | |
| High Industrial Demand | 👍🏼 | |
| Asset Diversification | 👍🏼 | 👍🏼 |
| Hands-Off Asset Protection | 👍🏼 | 👍🏼 |
Gold vs. Silver 2024 Chart 2
In general, the key value of comparing gold versus silver today is long-term asset protection and stability. However, silver tends to be more volatile due to its high industrial demand. While gold tends to be useful only for jewelry or similar commercial purposes, silver is an important component of many everyday technologies and appliances. Because the metal links closely to the industrial market, it is more likely to rise and fall along with that market. However, this industrial demand also means that silver’s value is likely to increase long-term. In fact, solar panels use silver to convert solar energy to electricity. So as the demand for renewable energy increases, the value of silver is also expected to increase.
Gold, on the other hand, is notable because it resists the financial market. It has little commercial purpose but remains a very popular asset protection tool. Silver tends to rise and fall in accordance with the industries that depend on it. Gold prices typically increase when the market decreases because so many investors turn to gold during a recession. In this sense, it has more short-term stability than silver despite both having considerable long-term stability.
The Future of Gold and Silver
Both gold and silver’s value increased in 2023. But will that trend continue in 2024 and beyond? Experts believe so, and many claim that the increase in the value of gold and silver today is only a taste of what is to come.
One strong factor that could contribute to a rise in gold and silver prices is fear of a recession. Experts are currently unsure about whether a recession is coming or if we have successfully avoided the recession that everyone predicted in 2023. The good news for gold is that it doesn’t really matter if the recession takes place. The many people that worry about the recession to occur, are more likely to enjoy life with their money in a recession-safe asset.
Bank failures are another concern that spurn people to buy gold. In 2023, there were five bank failures, one of which was the second-largest bank failure in U.S. history. These failures – and fear of future failures – cause people to look for alternative asset protection. While no one certainly wants bank failures, these financial events did cause gold to spike in 2023. Experts believe future failures could be imminent.
On a more positive note, one promising sign of the value of gold and silver today is that banks have been demanding more of it. In 2022, the World Gold Council reported the highest gold demand from central banks ever recorded. This trend continued into 2023, where central banks demanded a record number of gold tonnes for the first quarter of the year. While increases in demand are by no means permanent trends, they do indicate that gold is far from on the decline. Gold and silver’s value is likely instead to continue its current trends and maintain its stability in the years to come.
How do I Buy Gold and Silver in 2024?
One of the best ways to get precious metal asset protection is through setting up a gold IRA. A gold IRA lets you hold gold, silver, and other precious metals while deferring taxes on capital gains. A gold Roth IRA, does however, allow you to liquidate tax free. In order to keep your money as your money, you need to find an IRA provider with a secure storage facility and transparent prices. Luckily, Safe Haven Metal does just that AND makes it easy to convert an existing IRA such as a 401(k), Roth IRA, or pension plan into physical gold and silver holdings.
Setting Up a Gold IRA
To set up your gold IRA, all you need to do is know your personal information and have access to your current IRA’s information. Safe Haven Metal does more than guide you through the rest of the process — we actually do the process for you. Including initiating purchases, conducting business with the depository, and performing other administrative duties to ensure that your precious metals are safe and secure. Take advantage of gold and silver’s value without going through the hassle of vetting and storage.
You can choose which precious metals to purchase and visit your assets in their depository whenever you wish. We provide you with information about your current holdings at all times so there is no guesswork whatsoever about your future. We even cover your first year of setup and storage fees so you can change your mind if you decide that gold isn’t for you!
There is great value in gold and silver today, and setting up your own gold IRA for 2024 is simple. Just call Safe Haven Metal for a free consultation and start securing your future today!
BONUS! If you want to learn more about the Central Banks’ impact on your IRA as it relates to the upcoming digital currency shift, then request our free gold kit. Containing the coveted Safe Haven Metal Special Report – Central Banks.
