Gold has surged to a new all-time high of over $2,555 per ounce, driven by economic uncertainties, expectations of a Federal Reserve rate cut, and increasing demand as a safe-haven asset. ING projects gold to average $2,700 by 2025, supported by geopolitical tensions, lower interest rates, and rising central bank purchases.
In 2024, China alone offloaded $53.3 billion worth of US Treasury bonds while accumulating substantial amounts of gold.
Various developments in emerging finance are implementing gold-back digital currencies and tokens.
Speaking at a BRICS meeting, Russian Foreign Minister Victor Lavrov told attendees that BRICS is prioritizing the creation of a platform that will enable member states to conduct cross-border transactions in national currencies.
Earlier this week the Federal Reserve released a report that showed at least 37.5% of foreign central banks are moving away from the dollar as their main reserve currency in favor of gold.
Economist and a member of the Economic Advisory Council to the Prime Minister of India, Sanjeev Sanyal, said on Friday that India will now hold most of its gold in its vaults. Citing the decline in confidence in dollar assets among central banks as one of the prime reasons
To help battle the latest round of inflation, the Central Bankers and politicians are turning to the oldest form of money known to civilization. This week, Zimbabwe launched a new “structured currency” backed in part by gold.
Prior to the Great Depression, gold coins were the normal and natural form of money and in common circulation throughout the world.
Gold coins can bring unique diversity to an existing investment portfolio, while expanding on an interest in numismatics or history. Beyond potential financial gains, the process of collecting, studying, and preserving historical coins can morph into a numismatic hobby.
As the popularity of buying precious metals online grows, many buyers have experienced issues with being charged sales tax in states where metals aren’t taxed. Some buyers turn to social media for advice on how to deal with customer service when resolving sales tax issues.
Sales tax on precious metals is contentious issue, which is a complicated patchwork of outdated state laws that have created issues that online retailers must contend with since South Dakota v. Wayfair decision in 2018.
Currently, the Zimbabwe gold-backed digital currency that was introduced in 2023, is in use as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. According to state-owned media reports, the country’s central bank currently holds roughly 793kgs of gold in reserves valued at roughly $49 million at the current price with plans to grow reserves to around $100m.