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.
6.16.22 - Time to Panic?
Gold last traded at $1,852 an ounce. Silver at $21.92 an ounce.
NEWS SUMMARY: Precious metal prices held firm Thursday following the latest Fed rate hike. U.S. stocks extended further into the red as investors worried the Fed may drive the economy into recession.
CNBC--"Gold prices pulled back from their highs of the day after the Federal Reserve opted for one of the sharpest U.S. rate hikes since 1994.
Uncertainty regarding the outcome of Wednesday's FOMC meeting had prompted some buying interest in safe-haven metals, said Jim Wyckoff, senior analyst at Kitco Metals....
Investors also took stock of data showing an unexpected fall in U.S. retail sales in May amid record high gasoline prices.
Meanwhile, Goldman Sachs said a 'wealth shock' due to lockdowns in China merely delayed rather than derailed its upside view for bullion.
A rebound in emerging market demand, strong ETF inflows, central bank buying amid U.S. growth weakness into 2023 all augur well for gold, the bank said, projecting a three-month price target of $2,100 an ounce."