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Key Gold Headlines

POSTED ON June 22, 2024  - POSTED IN Key Gold Headlines

While demand for Gold as an investment has risen greatly historically, and particularly over the past year, recent technological discoveries provide powerful potential for Gold to increase in prominence as an industrial resource. While gold does provide an excellent and relatively safe store of value, its industrial use could rapidly increase its price and universal desirability. Critics of gold have often commented that its prices may be higher than their “market value” because of human convention and tastes. They have created the idea that the use of gold as an investment is regressive and little more than a callback to a bygone era. Their concerns are increasingly neutralized as gold becomes far more widely used in many crucial industries.

POSTED ON June 21, 2024  - POSTED IN Key Gold Headlines

The U.S. abandoned the gold standard in 1933. But ninety-one years later, in the midst of an inflation crisis, investors are flocking back to the original.

The U.S. government is set to print about $200 billion in bills in 2024. That’s $548 million for every day. Despite the rampant inflation reducing consumer purchasing power around the country, the Fed continues to exacerbate the existing crisis by flooding the money supply. Following inflation peaks during COVID-19, rates remain high at a projected 2.3% in 2024. With an average savings account interest rate of only .45%, dollarized savings are steadily losing their value. But while the dollar loses its worth, the value of gold is skyrocketing due to a critical distinguishing factor: natural scarcity.

POSTED ON June 18, 2024  - POSTED IN Key Gold Headlines

As the U.S. economy progresses toward monetary catastrophe, individual states are taking action to preserve and enable the use of sound money. Utah recently passed HB 348, which took effect in May and authorizes the state to invest a portion of its funds in precious metals. State Representative Ken Ivory sponsored the bill, and in an exclusive correspondence with SchiffGold, he explains why the new law is needed and discusses the next steps Utah is taking to weather the coming storm of inflation and federal monetary disaster. Below are Representative Ivory’s statements. 

POSTED ON June 12, 2024  - POSTED IN Key Gold Headlines

China has called quits on its 18-month gold buying spree, causing precious metal prices to stumble this week as the world’s largest buyer unexpectedly closes its tab.

In 2023, the People’s Bank of China purchased more gold than any of the world’s other central banks, swelling its reserves of the precious metal to more than 2,000 tons to break free from the U.S. dollar standard. Chinese consumers have been following suit, amassing gold coins, bars, and jewelry as Chinese stocks, currency, and real estate have succumbed to economic volatility and plunging value.

POSTED ON May 21, 2024  - POSTED IN Key Gold Headlines

Amid ongoing tension in the Middle East, Iranian President Ebrahim Raisi and the foreign minister have been confirmed dead Monday after a helicopter crash. The officials’ shocking demise casts additional investor doubt on a region already plagued by economic upheaval, with supply chain uncertainties fueling record-high metal prices this week.

POSTED ON May 9, 2024  - POSTED IN Key Gold Headlines

While gold bullion is most often sold in bar or 1oz coin form, the Korean retail market is benefitting from gold’s latest success with a very atypical marketing strategy. It has been traditionally thought that investors prefer larger increments of bullion because they simplify calculations and have a lower transaction cost than buying the same amount of gold in smaller increments. Demand for traditional bars and coins in South Korea rose 27% year on year, but the most interesting development arises from South Korean vending machines and convenience stores. 

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