Millennials are Investing in Gold More Than Their Boomer and Gen X Counterparts
Jose Nino
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According to a survey conducted by State Street, Millennials are buying more gold than Boomers or Generation X. On top of that, Millennials are more likely to invest in paper gold as opposed to physical metal.
Per the State Street report, on average, Millennials have allocated 17% of their portfolios to gold. Boomers and Gen X-ers only have 10% of their portfolios allocated to gold on average.
Roughly 88% of the investors polled who possessed gold described it a long-term investment. Over 70% of respondents indicated that gold increased the overall performance of their portfolios.
Over half of the respondents who are currently investing in gold indicated that they have plans to increase their gold allocation in the next 6 to 12 months.
According to Schiff Gold, they also discovered that Millennials are also more likely to invest in gold Exchange Traded Funds (ETFs) as opposed to gold bars or gold coins.
65% of Millennials indicated that ETFs were the best way to invest in gold. 55% of Boomers hold similar beliefs. By contrast, Gen X-ers are much more likely to make investments in physical gold. Just 35% of Gen-X respondents indicated that they believed ETFs were the best mechanism for holding gold.
Millennials have the right instincts with regards to holding gold. The US’s fiat money system inspires no confidence among the public, just like other public institutions and commonly-accepted practices.
Those who have read up on their history realize that since the creation of the Federal Reserve in 1913, the dollar has lost significant value. On top of that, this system has stagnated the living standards of the middle class and has also facilitated an unprecedented expansion of the state.
If we want a truly small government, monopolized central banking must be abolished. One of the first steps to reaching that vision is to get people accustomed to holding competing currencies such as precious metals and cryptocurrencies.
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