Park Avenue Numismatics
2742 Biscayne Blvd.
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.
It was one of several pieces of news that drove gold futures above $1,300/oz on Monday.
As the world’s second largest economy, China’s use of physical gold vs. world reserve currencies in its official reserves is something economists around the globe watch closely.
The People’s Bank of China just added 360,000 ounces of gold to its foreign reserves last month. This brings their recent buying binge to 1.38 million ounces worth over $1.7 billion dollars!
Russia may be the world’s biggest current gold buyer, but China isn’t far behind. China’s gold hoard now totals a massive 60.62 million ounces as of the end of March.
With global economic growth slowing, trade and political tensions rising, the yield curve in inversion, and market volatility increasing, safe haven assets are looking more appealing to consider than ever.
A new report from research outfit Metals Focus has laid out a strong case for stronger safe-haven demand and higher gold prices in 2019. “Conditions are now becoming more supportive for a late-2019 rally,” the report said. “We see prices testing the $1,400/oz mark.”
This would represent about an 8% price increase from gold's current level of $1,292/oz (as of 10:32am today).