Young Americans trust physical gold more than the dollar

Sina Financial News According to reports, a Gallup poll showed that in 2023, consumers rated gold as a better investment than stocks and mutual funds for the first time in a decade. According to State Street research, millennials are more optimistic about the benefits of gold and the ease of buying and selling gold than older generations, allocating an average of 17% of their investments to gold, including gold ETFs, while Gen X (born 1965-1980) and baby boomers (born 1946-1964) invest 10% of their portfolios in gold. Some millennial investors say they don't trust the financial system, especially after a series of bank failures last year. In search of a safe means of preserving value, some people turn to gold, or even buy gold at supermarket chains. Costco started selling gold bars online and in several stores last year, and sold out within hours. One gold buyer said, "I want something physical that I can hold," and "I'm guarding against hyperinflation." "There are also consumers who say that inflation has eroded their trust in the dollar, and they have increased their investments in physical silver and gold to diversify their portfolios.