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Why younger investors are drawn to gold
By Chris Taylor
Reuters
Thursday, July 18, 2024
NEW YORK -- What asset class do millennials and Gen Z investors both want to own?
Here is an answer you may not have guessed: Gold.
Among wealthy investors under the age of 43, 45% own gold as a physical asset, and another 45% are interested in holding it, according to a recent study by Bank of America Private Bank.
Those are far higher percentages than other age groups.
Usually this demographic is not interested in assets like gold, cash or Treasuries, because they are considered to be "boring," says Liz Young Thomas, head of investment strategy for digital financial services firm SoFi.
"As Treasury yields rise, cash is paying a high interest rate, and gold is rising along with it. We are seeing returns we normally don't see in such a short period of time," Thomas says. "Naturally, when assets have strong returns, younger audiences start to perk up."
This confirms another study by money managers State Street, which finds that millennials have the highest allocation to gold in their portfolios, at 17%, far outpacing both boomers and Gen X at 10%. ...
... For the remainder of the report:
https://www.reuters.com/markets/wealth/golden-rule-why-younger-investors-are-drawn-gold-2024-07-18/
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