Gold is on the rise. And it might be the very start of a new paradigm for precious metals.
What’s happening:
- The price of gold has soared to new all time highs, ushering in what many see as the next boom for the precious metals market as a whole
Market reaction:
- The price of gold has reached an all time high of $2400 USD per ounce, soaring more than 23% over the last 6 months
By the numbers:
- Costco has recently been selling $200M USD of physical gold bars each month
Going deeper:
- Crypto token Pax Gold has also seen an uptick in inflows going into their physical gold backed token, as yet another way to get exposure to precious metal ownership on the blockchain
- The upswing in gold prices could inject new momentum into gold exploration companies that are emerging in promising new areas, such as Oregon and other states that have previously been ignored in favour of more popular mining geographies
The intrigue:
- Other secondary marketplaces for physical gold bullion have also been reporting an uptick in purchases, including even pawn shops who have been reporting a significant increase in overall transactions
