{"id":2768,"date":"2024-04-12T20:56:03","date_gmt":"2024-04-12T20:56:03","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=2768"},"modified":"2024-04-12T20:57:17","modified_gmt":"2024-04-12T20:57:17","slug":"gold-price-climbs-amidst-record-central-bank-buying-and-tensions-in-the-middle-east","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/gold-price-climbs-amidst-record-central-bank-buying-and-tensions-in-the-middle-east\/","title":{"rendered":"Gold Price Climbs Amidst Record Central Bank Buying and Tensions in the Middle East"},"content":{"rendered":"\n

The spot price of gold rocketed past $2,400 per ounce in Asia this morning, topping out at $2,429.70 before the tamp down by the Wall Street after the New York opening bell. By afternoon, the price had settled down to around $2,342, $87 lower.<\/p>\n\n\n\n

While consumers in China have been buying up small gold beans, the People’s Bank of China (PBOC), the country’s central bank, has been buying vast quantities<\/a> of gold over the last couple of years while simultaneously dumping US Treasury Bonds<\/a> and dollars. <\/p>\n\n\n\n

Even though gold prices continue to trend upwards, consumers demand for gold in the United States keeps getting stronger. <\/p>\n\n\n\n

An analyst from Wells Fargo estimates that Costco is likely selling between $100 to $200 million worth<\/a> of gold each month. Based on the typical premiums that Costco prices their gold products, that’s somewhere in the range of 43,500 to 86,000 troy ounces per month.<\/p>\n\n\n\n

By comparison, APMEX<\/a>, one of the largest online bullion dealers has annual sales of around $2.4 billion<\/a>, which is also around $200 million per month. A-Mark, one of the largest precious metals wholesalers, which owns JM Bullion, Provident Metals, BGASC and others, reported $9.3 billion in sales in its 2023 annual report.<\/p>\n\n\n\n

Some industry analysts have speculated that China has taken over control<\/a> of the gold price since the middle of 2022. In 2023, the PBOC bought roughly 735 tonnes of gold, a 23% increase over the record breaking buying of 597 tonnes in 2022. <\/p>\n\n\n

\n
\"\"<\/figure><\/div>\n\n\n

Additionally, the Chinese government has created strong consumer demand<\/a> for gold, particularly for younger generations<\/a> that view gold as safe haven amid ongoing economic uncertainty.<\/p>\n\n\n\n

Costco has limited their precious metals products to mostly 1 troy ounce coins and bars. With prices continuing to test record highs almost weekly, a more affordable investment option that many investors turn to is fractional gold bars<\/a> and coins.<\/p>\n\n\n\n

The US Mint issues the American Eagle Gold coin in three fractional denominations of 1\/2 oz, 1\/4 oz and 1\/10 oz. Each of these fractional Gold Eagles<\/a> shares the same design, purity, recognition and trust as the 1 oz coin, but are minted in smaller denominations that are more accessible to a wider range of investors.<\/p>\n\n\n\n

These coins are minted in mass quantities by the Mint and are extremely liquid with an expansive amount of bullion dealers and others paying cash for gold<\/a>.<\/p>\n\n\n\n

Fractional gold bars are available in many different increments. With available sizes as small as 1\/2 gram. However, the premiums for the smallest sizes can be relatively high. While denominations containing 5 grams or 10 grams of gold per bar can offer significantly lower premiums. <\/p>\n","protected":false},"excerpt":{"rendered":"

The spot price of gold rocketed past $2,400 per ounce in Asia this morning, topping out at $2,429.70 before the tamp down by the Wall Street after the New York opening bell. By afternoon, the price had settled down to around $2,342, $87 lower.<\/p>\n

Even though gold prices continue to trend upwards, consumers demand for gold in the United States keeps getting stronger. <\/p>\n","protected":false},"author":1,"featured_media":2770,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[409,545],"tags":[700,1125,1127,1128],"class_list":["post-2768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-gold","category-news","tag-brics","tag-costco-gold-coins","tag-fractional-gold-eagles","tag-peoples-bank-of-china-pboc"],"yoast_head":"\nGold Price Climbs Amidst Record Central Bank Buying and Tensions in the Middle East - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/gold-price-climbs-amidst-record-central-bank-buying-and-tensions-in-the-middle-east\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Price Climbs Amidst Record Central Bank Buying and Tensions in the Middle East - FindBullionPrices.com\" \/>\n<meta property=\"og:description\" content=\"The spot price of gold rocketed past $2,400 per ounce in Asia this morning, topping out at $2,429.70 before the tamp down by the Wall Street after the New York opening bell. 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