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Did you know that historically, strong currencies like the dollar were backed by gold?
Meaning that the value of the currency was directly tied to the amount of gold held in reserve by the government.
Now that the US Dollar is no longer backed by gold (it hasn’t been since 1971), the US dollar has been vulnerable to fluctuations, with rampaging inflation derailing it for the past three years.
If you're looking for a way to protect your finances during a recession, investing in gold might be the answer.
Why? Because gold has historically held its value even when other investments, like stocks, have taken a hit. Experts like Robert Kiyosaki have long recommended gold as a safe haven during times of economic turmoil.
https://video.foxbusiness.com/v/6320036714112#sp=show-clips
Think about it: when the economy is struggling, people tend to panic and sell off their investments. This can cause the value of stocks and other assets to plummet.
But gold is different. Not unlike real estate.
It's a physical commodity that can't be printed or artificially devalued by governments. This makes it a reliable store of value during times of uncertainty.
If you're looking for a way to protect your finances during a recession, investing in gold might be the answer. If you're interested in investing in gold, you can do that pretty easily.
Here are five ways to invest in gold using the NYCE app.
Gold ETFs: One of the easiest ways to invest in gold is by purchasing an exchange-traded fund (ETF) that tracks the price of gold. The NYCE app offers several ETFs that invest in physical gold or gold futures.
Gold mining stocks: You can also invest in gold indirectly by purchasing shares of gold mining companies. The NYCE app offers a variety of mining stocks, including some that exclusively mine for gold.
Gold options: If you're looking for a more advanced investment strategy, you can trade gold options using the NYCE app.
Options allow you to bet on the future price of gold without actually owning any gold.
*Editor’s NOTE: Advanced and not recommended for beginners. Make sure [you’ve gotten enough experience](<https://join.wealthtribe.co/spaces/10322917/content>) before even thinking about this.*
OLD SCHOOL! Gold coins and bars: If you’re old school and want to store the gold yourself, you absolutely can. Keep in mind that physical gold requires storage and can be more difficult to sell than other forms of gold investment.
You can find brokers online that can ship it to you.
No matter which method you choose, investing in gold can be a great way to diversify your portfolio and protect against inflation.