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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136

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Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.

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Bitcoin no match for gold

Tuesday, May 4, 2021

Gold last traded at $1,793 an ounce. Silver at $26.92 an ounce.

NEWS SUMMARY: Precious metal prices rose sharply Monday on rising inflation and a falling dollar. U.S. stocks traded mostly higher as shares tied to the economic reopening continued to rise.

Barrick Gold CEO/Fox News--"Bitcoin and other cryptocurrencies are nothing more than bubbles and will never replace gold, according to Barrick Gold CEO Mark Bristow.

Digital currencies have experienced massive price gains during the pandemic, leading many investors to speculate they could supplant gold as a hedge against inflation.

'They look like bubbles, they act like bubbles, they smell like bubbles,' Bristow told FOX Business in reference to cryptocurrencies.

Speculators have driven prices to record highs this year and last as Congress has doled out billions of dollars through stimulus checks and as the Federal Reserve cut rates to near zero and pledged to buy an unlimited amount of assets to support the U.S. economy through the COVID-19-induced downturn, the sharpest of the post-World War II era....

The explosion in the price of cryptocurrencies and other assets caused Federal Reserve Chairman Jerome Powell to warn at his press conference on Wednesday that those markets were extended and that monetary policy was partially to blame.

For Bristow, his biggest problem with bitcoin is that the main reason people use the cryptocurrency is to 'circumvent U.S. regulations around dollar transactions.' He noted central banks and global economies have no reason to allow the use of unregulated cryptocurrencies....

Anyone investing in bitcoins 'better own a whole pot of gold to hedge the risk,' Bristow said."

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