Watching the Gold Market
Thu, 01 Oct 2015 14:56:00 GMT -
January 2nd of the year 2000 would have been a great day to buy gold! At $288 per ounce, people that were watching the gold markets back in mid-1976, when one ounce of gold was selling for around $105, must have been kicking themselves for not having cashed in their savings account or college fund and bought gold coins or bullion. For those who did, August of 2011 was a happy month, as they turned their relatively meager investment into a $1917 per ounce cash portfolio!
Of all precious metals, gold is the most popular as an investment. Gold has been used throughout history as money and has been a relative standard for currency equivalents until recent times. The price of gold is driven by many variables, including supply, demand, speculation, inflation, deflation, currency devaluation and the geo-political world landscape. The amount of gold in the world is finite, at least that which has been mined thus far. Although there are various speculations on the exact amount, most experts agree that if all the gold ever mined was melted into a solid cube, the cube with sides of approximately 20 meters each would fit into an Olympic Swimming Pool. Unlike nations and governments that simply print off trillions in paper banknotes should they feel the need, gold remains a constant of appeal and a barometer of value. Economies of scale have rendered the direct convertibility of currency to gold inoperable, furthered by the interest of global central banking to be in full control of monetary values and all financial relationships. However, one thing persists – the intrinsic value of gold!
Whether you are an investor in precious metals, or simply need a gold ring for your fiancé, our knowledgeable staff at Metro Pawn & Gun can help you find just the right item. Perhaps you need a bit of extra cash and have no use for the old gold scrap in your dresser drawer – we can help there as well. Maybe you are slowly adding to a coin collection for you child which, if things develop as they did between 1976 and 2011, might result in a handsome payoff some time in the future. The price of gold fluctuates as do many commodities, and we keep a watchful eye on the markets so that our transactions stay true to our policy of fair offers and prices – always.
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