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7 Reasons Gold Will Continue to Soar to Record Highs

Wednesday, August 5, 2020

Gold last traded at $2,049 an ounce. Silver at $26.96 an ounce.

NEWS SUMMARY: Precious metal prices extended gains Wednesday on safe-haven and momentum buying as well as a sharply weaker dollar. U.S. stocks rose on CV-19 vaccine hopes, despite downbeat jobs data and continuing negotiations on a new virus stimulus package.

Motley Fool---"This has not been an easy year for Wall Street and investors to digest. The coronavirus disease 2019 (COVID-19) pandemic has turned societal habits on their head and displaced more than 20 million workers. It also sent equities to their steepest and fastest tailspin in history during the first quarter, only to see the market rebound ferociously over the past four months. Frankly, no one has any idea what to expect next. However, one group of investors who aren't going to complain are those who own physical gold or gold mining stocks. Physical gold has set two consecutive record-closing highs to begin the week, and is now up almost $390 an ounce in just the past six months. Gold has left the benchmark S&P 500 eating its dust in 2020, and there's a very good probability that this will continue for the foreseeable future. Below you'll find seven reasons why this gold rally still has very long legs. 1. Historically low global bond yields - To begin with, physical gold is ascending to the heavens because income seekers have a narrowing list of options to generate guaranteed income....2. Unlimited quantitative easing - Another reason gold can be expected to continue rocketing higher can be traced to the Federal Reserve's implementation of unlimited quantitative easing....3. Bullion shortages - Never forget the importance of supply-and-demand economics. If demand outpaces supply, the price of a good or service will rise...For months, there have been on-and-off gold bullion shortages....4. Geopolitical risk - Gold is also a haven investment...Although the world is united in their fight against COVID-19...trade tensions between the U.S. and China from once again heating up....5. COVID-19 fear and uncertainty - Gold is often known as a safe-haven investment during periods of panic and fear. The unprecedented nature of the coronavirus pandemic certainly has folks on edge....6. Bull markets are usually long lasting - Gold has history on its side. Although spikes higher do happen in the gold market, it's far more common to see the physical metal enter long bull-market cycles....7. Emotion-driven investing - Finally, don't discount emotion-driven short-term trading as a reason behind higher gold prices....Gold hitting $3,000 by 2022 is a very real possibility."

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