Gold breaking all-time highs - 2024 is wild. What's everyone doing now?
- •Gold just hit an all-time high, $2,300+ an ounce, and it's got me thinking.
- •I'm a retiree from the auto industry here in Detroit, been watching this market for over 20 years now, and I've seen some ups and downs.
- •My Gold IRA is sitting pretty good right now, probably nudging the $750k mark and that's a big chunk of my overall portfolio.
Well, what a ride. Gold just hit an all-time high, $2,300+ an ounce, and it's got me thinking. I'm a retiree from the auto industry here in Detroit, been watching this market for over 20 years now, and I've seen some ups and downs. My Gold IRA is sitting pretty good right now, probably nudging the $750k mark and that's a big chunk of my overall portfolio. I remember thinking $1,800 was a big deal back not too long ago, and now look at it.
A few of my old buddies from the plant are always asking me if it's "too late" to get in. I always tell them it's never too late for diversification and real assets, especially with how shaky things feel in the broader economy. Inflation is real, and the dollar just isn't what it used to be. I started building my gold position back when it was a fraction of this, but it's always been about preserving wealth for me, not just chasing quick returns.
My question for all of you seasoned investors, and even the newer folks: what's the play now? Are you taking some profits off the table, rebalancing your portfolio? Or are you holding strong, expecting it to climb even higher with all the global uncertainty? I'm inclined to hold, maybe even add a little bit more during any dips. It feels different this time somehow, not just a fleeting spike.