Gold is about to cross $2,000 again.

And it could push even higher.

Not just because of the geopolitical crisis in the Middle East, but because of slowing economic conditions here in the U.S. 

According to The Conference Board:

“This outlook is associated with numerous factors, including, elevated inflation, high interest rates, dissipating pandemic savings, rising consumer debt, lower government spending, and the resumption of mandatory student loan repayments.”

Fueling further upside, global central banks have been tripping over one another to buy gold.

In fact, in the month of September alone, central banks bought 77 tonnes of gold. Even more impressive, sales of one tonne were overshadowed by gross purchases of 78 tonnes. In August, central banks also added 77 tonnes – a 38% uptick month over month. In July, they bought 55 tonnes of gold. 

In addition, central banks were busy ramping up gold reserves in the first half of the year. 

In fact, “Despite a year-on-year decrease of 103 tons in purchases during the second quarter, net purchases by central banks worldwide still hit a record-breaking 387 tons in the first six months of the year, according to the latest data compiled by the World Gold Council (WGC),” as noted by Global Times.  

The WGC also added that central bank gold buying will remain strong throughout the year, especially with ongoing geopolitical tensions and challenging economic conditions around the world. China, for instance, just raised its gold reserves for the ninth straight month, as it continues to diversify its reserves.

With further upside likely for gold, investors may want to consider gold stocks, such as Barrick Gold Corporation (GOLD), Newmont Corporation (NEM), Franco Nevada Corp. (FNV), and even Royal Gold. Or, you can always invest in a gold ETF, such as:

VanEck Vectors Gold Miners ETF (GDX)

One of the best ways to diversify at less cost is with an ETF, such as the VanEck Vectors Gold Miners ETF (GDX). Not only can you gain access to some of the biggest gold stocks in the world, you can do so at less cost.  With an expense ratio of 0.51%, the ETF holds positions in Newmont Corp., Barrick Gold, Franco-Nevada, Agnico Eagle Mines, Gold Fields, and Wheaton Precious Metals to name a few.

Sprott Junior Gold Miners ETF (SGDJ)

With an expense ratio of 0.35%, the Sprott Junior Gold Miners ETF (SGDJ) seeks investment results that correspond to the performance of its underlying index, the Solactive Junior Gold Miners Custom Factors Index. The Index aims to track the performance of small-cap gold companies whose stocks are listed on regulated exchanges.