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

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Over 30 Years Experience
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 in coronavirus world

Monday, November 23, 2020

Gold last traded at $1,840 an ounce. Silver at $23.62 an ounce.

NEWS SUMMARY: Precious metal prices fell Monday on profit-taking and upbeat economic data. U.S. stocks rose as investor cheered promising results from a third potential Covid-19 vaccine by AstraZeneca.

FOX BUSINESS---"The recent surge in bitcoin's price has created some new believers, but the cryptocurrency will never supplant gold as a store of value or medium of exchange, some Wall Street investors say. The cryptocurrency's price has soared more than 70% over the past six weeks to more than $18,000 a coin and is 11% below its all-time peak of $20,089. At the same time, gold's price has traded in a tight range between $1,850 and $1,950 an ounce. 'To try to act like bitcoin is some kind of improved version of gold, it's going to disrupt gold because it's a better store of value, it's a better medium of exchange, all that is pure nonsense,' said Peter Schiff, CEO of Westport, Conn.-based Euro Pacific Capital. 'It's not a store of value because it has no value to store.' Gold, widely viewed as a safe haven for investors seeking to preserve wealth during periods of market upheaval such as the coronavirus pandemic, has value not only in trade but its use in fine jewelry and electrical conductivity. Bitcoin, generated - or mined - by the verification of transactions in a blockchain digital ledger, has no use other than as a limited medium of exchange and has historically been subject to wide price swings....'Crypto is the mother or father of all scams and bubbles,' Nouriel Roubini, CEO of Roubini Macro Associates and a professor at New York University's Stern School of Business, said in testimony before the U.S. Senate Committee on Banking, Housing and Community Affairs....'There's no real use for bitcoin,' Schiff said. 'All you can do with Bitcoin once you buy it is sell it, but you need somebody else to buy it from you. It's a massive pump-and-dump.'"

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