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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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Miserable Economic Outlook Could Yield Record Gold Prices

Friday, July 10, 2020

Gold last traded at $1,801 an ounce. Silver at $19.06 an ounce.

NEWS SUMMARY: Precious metal prices rose for the fifth consecutive week Friday on safe-haven buying and dollar weakness. U.S. stocks drifted lower, despite upbeat CV-19 treatment news, as investors worried about how record high pandemic infections might impact the economy.

WALL STREET JOURNAL--"Gold prices ticked past $1,800 an ounce this week, and are now not far from the all-time highs reached in 2011, in the bleak aftermath of the financial crisis. New records could be ahead. Since the financial crisis, the movement of gold prices has been a near-mirror image of movements in the yield on 10-year Treasury inflation-protected securities, which this week touched a seven-year low of minus 0.78%. The ratio between the two assets' price moves has varied, but the relationship hasn't broken meaningfully during the past decade....Even with the current substantial fiscal support, the recovery in economic data seems to be leveling off, some Fed policy makers have noted. And that is before even considering what might happen in financial markets if would-be vaccine producers run into difficulties....Who is buying all this gold? Inflows into gold exchange-traded funds in the first half were the largest ever, and largely from North America. Flows into gold from institutional investors in developed markets have predominated....It is hard to see gold falling much, and it isn't unreasonable to believe it will reach new highs in the months ahead."

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