Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Vodacom’s Maziv deal gets makeover ahead of crucial hearing

      18 July 2025

      Cut electricity prices for data centres: Andile Ngcaba

      18 July 2025

      Takealot taps Mr D to deliver toys, pet food and future growth

      18 July 2025

      ‘Oh, Ani!’: Elon’s edgy bot stirs ethical storm

      18 July 2025

      Trump U-turn on Nvidia spurs talk of grand bargain with China

      18 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Samsung’s bet on folding phones faces major test

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025
    • In-depth

      The 1940s visionary who imagined the Information Age

      14 July 2025

      MultiChoice is working on a wholesale overhaul of DStv

      10 July 2025

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025
    • TCS

      TCS+ | Samsung unveils significant new safety feature for Galaxy A-series phones

      16 July 2025

      TCS+ | MVNX on the opportunities in South Africa’s booming MVNO market

      11 July 2025

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025
    • Opinion

      A smarter approach to digital transformation in ICT distribution

      15 July 2025

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Company News » Gold breaks through $2 000 – and has room to run

    Gold breaks through $2 000 – and has room to run

    By Altify5 August 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    There seems to be no stopping gold as its price continues to soar. The precious metal has returned over 30% in 2020 and over 45% over the last year. The “smart money” — hedge funds, family offices and investment banks — continue to drive its price higher with a record-breaking 3 235t of the precious metal bought in 2020 alone.

    Meanwhile, the US economy has seen its worst quarterly GDP drop in history, plunging 33% in the second quarter.

    So, what’s going on?

    July marked gold’s fifth straight month of gains and its best month since 2016 with prices hitting a new all time high of US$1 900/ounce at the end of last week and then again earlier this week with the price hitting $2 005/ounce. The bull run began in late 2018 and has gathered momentum during the coronavirus pandemic. Investors, concerned by the ongoing pandemic and worsening US-China relations, turned to their investment of choice in times of uncertainty on Monday, pushing the price of gold to its highest level ever.

    What does this mean?

    Coronavirus seems to be getting worse in the US, which partly explains why the country’s government is aiming to announce another $1-trillion of support for workers and the economy. One possible result of all this spending, combined with unlimited central bank support, is rapidly rising inflation: More money sloshing around in the economy could see prices for goods and services rise quickly when demand returns, in turn eroding both the value of cash and the regular income paid by bonds.

    Investors think that’s an environment that’ll suit gold, and they’ve been buying up the shiny metal in droves.

    Revix, the online investment platform backed by JSE-listed Sabvest, offers an ultra-simple and low-cost way to invest in gold. With no monthly account fees and no sign-up fees, you can start investing with as little as R500 as a one-off investment. The only fees that are charged are a low 1% buy and sell fee making it the easiest and most cost-effective way to get exposure to the precious metal.

    Invest in gold with Revix

    Is now the time to invest?

    New York investment bank Goldman Sachs is raising its price target for gold while sounding the alarm about risks to the US dollar.

    In a note to clients on Tuesday, the bank reaffirmed its position of gold being “the currency of last resort” amid uncertain economic conditions, raising its price target for gold to $2 300/ounce after a surge to record levels earlier this week.

    The bank tied the metal’s rally to a “potential shift in the US Fed towards an inflationary bias against a backdrop of rising geopolitical tensions, elevated US domestic political and social uncertainty and a second wave of Covid-19 related infection.

    “Combined with a record level of debt accumulation by the US government, real concerns around the longevity of the US dollar as a reserve currency have started to emerge,” the note explained.

    “Gold is the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies and pushing real interest rates to all-time lows,” the bank said. “With more downside expected in US real interest rates, we are once again reiterating our long gold recommendation from March.”

    Sean Sanders, the CEO of Revix, added: “While gold hasn’t been among the more attractive areas to have put capital over the last 15 years, today you’ve got a big safety play under way. Think ahead to what the world will look like in two or three years’ time with all this new money floating around and ask yourself whether you would rather hold rands or gold?”

    Invest in gold with Revix

    How to invest?

    Through Revix’s online platform, you can invest in physical gold held in fully insured LBMA London vaults and not have to worry about the custody and insurance burdens of physical ownership. Revix offers a Paxos gold token which is backed by one fine troy ounce of the highest quality LBMA gold and, unlike other investments, Revix enables you to buy and sell your gold holdings whenever you choose — whether that’s in a couple of hours after purchase or in many years’ time.

    About Revix
    Revix brings simplicity, trust and great customer service to investing. Their easy-to-use online platform enables anyone to securely own the world’s top investments in just a few clicks.

    Revix guides new clients through the sign-up process, to their first deposit and first investment. Once set up, most customers manage their own portfolio, but can access support from the Revix team at any time.

    For more information, please visit www.revix.com.

    Disclaimer
    This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. Past performance is not necessarily indicative of future results. All investments carry significant risk and all investment decisions of an individual remain the specific responsibility of that individual. You should not invest more than you can afford to lose and, before investing, please take into consideration your level of experience and investment objectives, and seek independent financial advice if necessary.

    • This promoted content was paid for by the party concerned


    Revix Sean Sanders
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleCell C sees ‘good progress’ on recap plan
    Next Article The Covid-19 chatbot that saved lives

    Related Posts

    3 top cryptocurrencies that could beat the market in 2024

    27 March 2024

    Picking the winning cryptocurrencies in 2024

    28 February 2024

    Cryptocurrencies and exchange control: what the law says

    8 January 2024
    Company News

    Vertiv to acquire custom rack solutions manufacturer

    18 July 2025

    SA businesses embrace gen AI – but strategy and skills are lagging

    17 July 2025

    Ransomware in South Africa: the human factor behind the growing crisis

    16 July 2025
    Opinion

    A smarter approach to digital transformation in ICT distribution

    15 July 2025

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.