The Buyers Behind Gold’s $5,000 Breakthrough
No longer a “hide under your mattress” asset, the precious metal is enticing a whole new crop of global traders.
Obioha Okereke used to think investing in gold was for risk-averse retirees. “I felt it was boring, to put it bluntly,” says the technology consultant, 29, who’s been meticulously managing his ambitious, growth-focused portfolio since his senior year of high school. But as his tech-heavy investments started to wobble last year and the metal extended its climb, Okereke decided to give gold a go.
He bought into his first gold exchange-traded fund in September, first with $100, adding over $2,000 more since. It’s a small share of his overall holdings, but one he intends to keep increasing: His gold investment is up nearly 17% since he started, outperforming the rest of his portfolio. “I wanted something that was going to be a hedge against the uncertainty and the random swings,” Okereke says. “Gold just seemed to make sense.”