How to find your gold in the $500-to-$1,000 range

Posted On November 25, 2021

The average gold buyer spends about $20 a year on physical gold, and that’s not including taxes or the value of the metal itself.

But when you consider how much gold is actually being produced, it can add up quickly.

For example, in 2015, the United States produced nearly 7.7 million ounces of gold, according to the Bureau of Labor Statistics.

If you factor in other factors like precious metals, metals mined overseas, and bullion and jewelry, that number could be even higher.

That means that gold can often be found for a price that is closer to what you would pay for a used car, said Michael Siegel, senior analyst at GoldSafeguards.

The gold industry also isn’t shy about admitting to its problems with pricing.

The International Gold Association (IGA) has noted that the market for gold is “a little overvalued” and that “there’s not a lot of demand for it.”

And while gold prices are up nearly 50 percent over the past year, they haven’t been able to catch up to demand from investors, who are turning to physical gold for safe storage.

Siegel said he doesn’t expect prices to fall too far before people start turning to gold again.

“The more you can store, the better,” he said.