Millennials are hoarding more gold than boomers and Gen X-ers as recession risks loom, State Street says
A safe haven asset, protecting against market downturns and economic uncertainty, it offers stability under pressure in a way riskier alternatives such as stocks don't. As such, the precious metal is possibly an ideal choice for older, wiser, and more cautious investors – such as those from the baby boomer generation.
"More Millennials than Boomers or Gen X replied that gold ETFs are the best way to invest, with 69% for Millennials, compared with Boomers at 55% and Gen X at 35%," he added. As much as 88% of the survey respondents who currently have gold holdings believe the metal is a long-term investment, according to the asset manager. And more than 70% said investing in gold helped improve the performance of their overall portfolios, it added.
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