The notion that gold is the most worthwhile investment has nearly doubled among American citizens since last year, according to a new survey from the Washington D.C. analytics firm Gallup.
On Thursday, the firm announced the results from its Economy and Personal Finance Poll which has been conducted every April since 2011.
Twenty-six per cent of survey respondents believe that gold is the most worthwhile investment this year, a 73.33 per cent increase from 2022. Americans’ still believe that real estate is the best investment to make, but gold has overtaken stocks for position number two on the list.
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Eighteen per cent of respondents felt that stocks were the best investment choice, a 25 per cent decrease from last year’s poll. A record high of 45 per cent of respondents felt that real estate was the best investment last year, and although real estate still sits in spot number one that number dropped to 34 per cent this year.
In 2022, eight per cent of Americans said that cryptocurrency was the best investment to make, but after the collapse of the crypto exchange company FTX last fall and the declining price of bitcoin since 2021, that number dropped by 100 per cent to only four per cent of respondents this year.
Perceptions of long-term investments among Americans’ fluctuate based on short-term performance. When real estate or stock prices are high they are seen as favourable investments, while during periods of economic recession or uncertainty, gold tends to gain popularity.
Bonds, cash and certificates of deposit (CDs) are viewed as safe havens for money rather than wealth-building options, as indicated by consistently low percentages of people choosing them.
Gallup hasn’t specified how many respondents participated in the annual poll.
Views on #RealEstate as best long term investment dips but still holds top spot #Gold making a comeback #gallup pic.twitter.com/awCb3qyTXc
— younism (@younism19) May 11, 2023
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Gold is currently worth US$2,015.82 per ounce and has been on a steady incline over the past six months, rising by 13.8 per cent from US$1,771.35 in mid-November last year.
According to the World Gold Council, the demand for the metal among central banks throughout the world is high, with various financial institutions adding 228 tons of gold to their reserves last quarter.
Gallup is a renowned American analytics firm founded in 1935 that is known for its public opinion polls and research. The firm’s analyses and findings regarding a wide range of topics are frequently referenced in academic research and the media.