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POSTED ON March 3, 2022  - POSTED IN Key Gold Headlines

As economic sanctions began to put a stranglehold on the Russian economy, long lines formed at banks and ATMs as everyday people tried to pull cash from their bank accounts. A Russian economy expert from the Foreign Policy Research Institute called it “a full-fledged bank run.”

POSTED ON February 23, 2022  - POSTED IN Key Gold Headlines

What would you do if you went to the ATM and found that you couldn’t access the money in your bank account?

Many Canadians recently suffered this unsettling experience. Customers of five major Canadian banks reported mysterious online banking outages last week after Canadian Prime Minister Justin Trudeau announced he was invoking emergency powers in response to a massive trucker protest. This gave the Canadian government the authority to freeze bank accounts.

POSTED ON September 5, 2018  - POSTED IN Key Gold Headlines

With hyperinflation gripping Iran and sanctions strangling the economy, Iranians are beginning to turn to gold to make everyday transactions, most notably to pay their rent.

The Iranian rial has depreciated rapidly since the US announced its withdrawal from the 2015 nuclear deal and the reimposition of economic sanctions. After the US formally announced it was pulling out of the deal in May, the exchange rate peaked at around 45,000 rials to the dollar. But that official rate was only available to well-connected bankers, importers and businesses. Average Iranians were paying twice that.  By July 29, money-exchangers in Tehran were charging around 100,000 rials for one dollar. Within 24 hours, it increased to 110,000 rials to the dollar.

POSTED ON October 25, 2017  - POSTED IN Key Gold Headlines

The pawn shop is probably the last place you want to go if you find yourself strapped for cash. But an interesting article in a Filipino publication reveals a problem millennials face if they find themselves in a cash-crunch. They may have a harder time liquidating assets than their parents because they primarily spend their money on electronic gadgets and don’t tend to buy gold.

The head of one of the Philippines largest pawnshop operators told ANC’s The Boss that gold can be pawned at much higher prices than smartphones, laptops, and other electronics.

There’s nothing like buying gold and using it. It’s a great tool to use to save. Millennials today, they buy their gadgets, their Androids, their bags, but there’s still more value in buying gold jewelry than buying all those.”

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