Should the Lebanese resort to gold as compensation for the loss of their deposits in banks?

Gold prices recently recorded record highs, with the price of one ounce becoming $2,294.22. Will the yellow metal continue to record upward numbers? Should the Lebanese resort to it as compensation for the loss of their deposits in banks as a safe haven?

Economist Dr. Bilal Alama confirms that “gold is always a safe haven in crises,” and attributed the reason for the rise in gold prices in the recent period to the ongoing state of war in the region, which extends to many parts of the world, starting from the tension in the Red Sea to the war between Ukraine and Russia, etc. It takes place in the China Sea.”

Alama said via “Lebanon 24”: “Wars are widespread in the world, and this constitutes a danger and threat to monetary currencies, and therefore the safe haven for many countries, individuals, and companies is to resort to the yellow metal.”

The economist added: “We have been witnessing for some time a rise in gold prices, which have reached unprecedented numbers in recent years, and I expect this upward rise to continue in the coming stages as long as the situation is unstable globally.”

He pointed out that “wars consume a lot of money and thus affect the economic indicators of every country involved in them, which leads to the depletion of its capabilities, and gold remains the most secure and stable and its prices rise as a result of the increased demand for it,” expecting that “the price of one ounce will reach $2,400 as long as the wars continue.” “.

He pointed out that “since the beginning of the financial crisis in Lebanon, many citizens have resorted to buying gold because they consider it safer than cash and cash in homes, and this matter is still in effect today.”

Alama concluded by saying: “If we evaluate between cash currencies, the collapsed banking sector, and gold, it is certain that investing in gold as a safe metal remains the best.”