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.
Gold last traded at $1,906 an ounce. Silver at $26.95 an ounce.
NEWS SUMMARY: Precious metal prices eased back Wednesday on routine profit-taking and a firmer dollar. U.S. stocks traded mixed as Wall Street kept an eye on two runoff elections in Georgia that will determine control of the Senate.
BLOOMBERG-"Gold surged above $1,900 an ounce as lower U.S. real yields and a weaker dollar helped the precious metal build on its biggest annual advance in a decade.
Bullion climbed to the highest level in almost two months after renewed declines in real yields boosted goldâ€™s allure. Real yields - the difference between nominal benchmark bond yields and the rate of inflation - were at -1.092% on Friday, near last year's nadir.
The decline in real rates is being driven by a rise in inflation expectations, with investors betting that vaccine distribution, further central bank support, and continuing government aid will see demand rebound in 2021.
'Investors are looking for assets which benefit from higher inflation,' said Giovanni Staunovo, an analyst at UBS Group AG. 'The reflation element is also supporting gold today.'
Bullion is also rallying as a gauge of the U.S. currency languishes at the lowest level since 2018 after sliding for three quarters. The gains in the haven come even as U.S. and global stocks are at all-time highs amid expectations that measures to combat the pandemic will reignite growth and boost corporate profits. Gold is also being supported by renewed inflows into exchange-traded funds, following withdrawals in November and the first weeks of December."