Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Gold Hits New All-Time Record High

  by    0   8

Gold hit a new all-time nominal high, surpassing the previous record set in December of the previous year. The precious metal’s price reached approximately $2,140, indicating a robust and continuing interest in gold as a safe-haven asset, despite a rather peculiar lack of fanfare from the media and retail investors. This latest peak in gold prices was notably recorded without the typical surge in public buying that usually accompanies such milestones. Instead, there has been a consistent outflow from gold ETFs, suggesting that the retail sector has been selling rather than accumulating during this rally.

Interestingly, the real driving force behind gold’s price increase appears to be foreign central banks, which have been significant buyers of the metal. This shift towards gold by central banks is seen as a strategic move away from holding U.S. dollars, signaling a broader trend of de-dollarization among global financial institutions. These developments come at a time when retail interest has been diverted towards more speculative investments like cryptocurrencies, overshadowing traditional safe havens like gold.

The lack of public participation in the gold rally, coupled with the substantial interest from central banks, presents a unique contrarian opportunity for investors. While gold stocks, such as those of Newmont Mining, have experienced volatility, the physical commodity’s price resilience underscores gold’s enduring value as a monetary asset. This divergence offers insightful lessons on the dynamics of investment psychology and market trends, emphasizing the importance of looking beyond mainstream narratives to understand the underlying factors driving market movements.

Download SchiffGold's Why Buy Gold Free Report

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Peter Schiff: Silver has New Support at $30

In this episode, Peter recounts silver’s notable rise above $30/oz and addresses the latest FOMC minutes that were released this week, in which the Fed signaled that rate cuts could be delayed even further. Peter also calls out the SchiffGold Silver Breakout Sale to celebrate the metal’s long-awaited breakout. 

READ MORE →

Death of Iranian President Carries Gold, Copper to New Record Highs

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.

READ MORE →

Peter Schiff: There’s Still Time to Buy Silver!

Silver had a spectacular day on Friday, with a closing price of around $31.50/oz. This is the highest close for the metal since February of 2013. In response to this impressive rise, Peter recorded a special video on Friday for SchiffGold.

READ MORE →

Peter Schiff: Biden Brags About Raising Taxes

This week Peter’s back to discuss new economic data, Powell’s recent remarks in the Netherlands, and the Biden administration’s new tariffs. More and more signs point to economic stagflation, but Biden, Powell, and their cronies continue to deflect the blame and increase everyday Americans’ taxes.

READ MORE →

Peter Schiff: Biden Lies Again on Inflation

This week on the Peter Schiff Show, Peter covers a week of dismal economic reports. Both jobless claims and consumer sentiment came in worse than expected last week, with both figures missing predictions by a wide margin. Peter also discusses public statements made by both Joe Biden and Donald Trump on the nature and origin of inflation.

READ MORE →

Comments are closed.

Call Now