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.
Capitalism Makes Us Better Off
Gold last traded at $1,802 an ounce. Silver at $25.21 an ounce.
NEWS SUMMARY: Precious metal prices rose Wednesday on safe haven buying despite a firmer dollar. U.S. stocks rose as equities continue their rebound from a one-day rout to start the week.
Kitco--"The U.S. Consumer Price Index (CPI) rose 0.9% in June, after a 0.6% rise in May. Year-on-year, headline inflation is now at 5.4%.
Will Rhind, CEO of GraniteShares, said that gold, being an inflation hedge, can continue to rise if inflation does not cool off later this year.
'I think if we start to see inflation numbers high or elevated after the summer, when everybody gets back from vacations, September time, I think we can easily see [$2,000 gold] before the end of the year,' Rhind told David Lin, anchor for Kitco News.
On what constitutes an inflation hedge, Rhind said that an asset needs to outperform others during periods of high inflation. By that definition, equities don't qualify as an inflation hedge, he said.
'Right now, equities are rallying because the market doesn't believe there's an inflation problem. What happens to equities in an inflationary environment is that there comes a point where companies cannot pass on those inflationary costs,' he said."