There are plenty of reasons to be bullish on gold, but the evergreen bear case on the precious metal is that it's never really consumed. Every ounce of gold that's been mined since the beginning of time is still here.over the weekend reporting on a flood of customers rushing into a Brooklyn pawnshop with their valuables to cash in on gold's recent run to a record price above $2,400 per ounce.
Buyers appear to have gone on strike at these prices as well, with the U.S. Mint posting March American Eagle gold coin sales that were roughly 10% of the level hit a year prior., but they share many similar properties. Among them is that bitcoin, too, is never truly consumed and all that's ever been mined is still with us .
Mostly thanks to boosted demand from the spot ETFs, bitcoin by mid-March had risen nearly 70% for 2024 to a new record above $73,000. The rally has stalled since, with the price now more than 15% below that all-time high. The reasons for the pullback are up for debate, but for the last month, sellers have overwhelmed a modestly slowed but still quick pace of buying by the ETFs.
The last word on gold and possibly bitcoin goes to Tobina Kahn, president of House of Kahn Estate Jewelers."It's very busy and we are getting more calls than ever before about clients wanting to bring in their jewels," she told Bloomberg."I'm telling the clients to bring them in now, as we are at unprecedented levels."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.