This Week’s Top 3 Stories About Gold, Precious Metals and the Economy
Each week, Your News to Know covers the latest, most interesting and relevant news about gold, precious metals and the overall economy. Stories this week include: the world’s wealthy are snapping up gold, the U.S. Mint has its highest monthly sales of American Eagle bullion coins since January, and Apple will offer the new iPad in gold.
World’s Super-Rich Are Buying Record Amounts of Gold
To protect their wealth from current geopolitical tensions, the most affluent in the world are buying record numbers of the large 400-troy-ounce (438.9 ounces or 27 pounds) gold bars, the standard gold bar held as gold reserves by central banks, says the Telegraph.
Sales of the heavy 27-pound bars, according to a British bullion dealer, have surged by 243 percent this year.
The bars are made from pure gold and each is worth more than half a million U.S. dollars.
Geopolitical crises in the Middle East and around the world have made the yellow metal more attractive, said Victor Thianpiriya, gold analyst for the Australia and New Zealand Banking Group (ANZ).
“More and more central banks are starting to print money now as well,” he said. “All the reasons are there for people to diversify some of their portfolios into precious metals.”
U.S. Mint Sales of American Eagle Gold Coins Are Highest Since January
The U.S. Mint sold more than 50,000 ounces of American Eagle gold coins in September, its best monthly sales figure this year, as lower prices and recent geopolitical events have strengthened the interest of retail investors, reported CNBC.
September sales of American Eagle gold coins (58,000 ounces) were more than double August sales of 25,000.
Hard asset sales are on the rise on account of recent geopolitical events including U.S. airstrikes in Syria, the escalating conflict between Ukraine and pro-Russian forces, said CNBC.
Apple to Release a Gold iPad
Apple Inc. is expected to unveil a new iPad this month, and the new device will have a gold color option that will reflect the company’s effort to boost declining sales, reported Boomberg.
The new iPad, a version of Apple’s 9.7-inch tablet line, will be offered with a gold rear metal cover in addition to the silver and gray that are now available for the iPad Air, Bloomberg reported from people claiming to have insider information of Apple.
Due to major flaws in its latest software update, Apple saw its share prices drop by 3.8% last week as the stock market suffered its worst drop in two months. The software glitch came at a bad time for Apple – after reports emerged that the largest iPhone bends easily in people’s pockets.
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Image by Ed Callow