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Why Gold Buying Has Become So Popular

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Why Gold Buying Has Become So Popular

In these uncertain economic times, investors aren't sure where to put their money. The world stock market has been unstable at best for the last couple of years, with investors struggling from one day to the next to determine where to place their assets for the best return.

But there's one investment that seems to be defying the odds: gold.

Just like the Klondike Gold Rush of 1898, it seems like everyone and their brother is trying to cash in on the resurgence in the popularity of gold. And with trend of gold prices rising and setting record highs, it's easy to see what the fuss is all about.

However, it's important to note that gold hasn't just recently gained popularity. It has been a hot commodity for over 5,000 years. In fact, it was the source of quite a bit of controversy in the 1930s, when President Franklin D. Roosevelt signed into law Executive Order 6102, which forbade the "Hoarding of Gold Coin, Gold Bullion, and Gold Certificates with the continental United States". In essence, the executive order made it a criminal act for an individual, partnership, association or corporation to possess monetary gold.

With times being hard, Americans stockpiled gold in all its forms to help provide some financial stability. However, FDR's executive order required all Americans to turn over to the U.S. Federal Reserve all but a small portion of their private gold stores. Failure to follow the order resulted in up to 10 years in prison, or a fine of roughly $10,000.

Americans who did not want to turn over their excessive amounts of gold often chose to instead transfer it to other countries for safe keeping.

However, most Americans fell out of love with gold in the 1960s. It has only been within the last five years that gold has experienced a resurgence in popularity and in value thanks to a recession and the slow economic recovery that followed.

Commercials promising the most "bang for your buck" with the purchase of or investment in gold flooded television and radio stations. With a growing recession and the U.S. Dollar continuing to decline in value, Americans wanted something that would be valuable, even as the value of their paper currency continued to nose dive. With interest rates bottoming out and the federal government losing faith in the value of its own currency, the gold rush of the new millennium raced ahead full steam.

Just as people are investing in gold, a number of businesses designed specifically for buying gold also have gained popularity in the last couple of years. With promises of providing cash on the spot for unwanted gold, many people have been tempted to sell off their unwanted gold jewelry to earn some greenbacks. So the "gold buying frenzy" has gone both ways.

Central Bank Gold-Buying Seen Climbing From Near Decade Low

Gold buying by central banks, an important driver of bullion's advance in recent years, is forecast to pick up in 2021 after a slowdown this year.

Published:  Wed, 30 Sep 2020 01:13:20 GMT



China's Shandong Gold to buy Xinjiang-focused miner Hengxing

Shandong Gold Mining Co said on Wednesday it would buy Hengxing Gold Holding Co in an all-stock deal worth around HK$3 billion ($387 million) that gives it control of the Gold Mountain mine in China's ...

Published:  Wed, 30 Sep 2020 05:57:00 GMT



Investors should buy gold after its recent sell-off for these 3 reasons, according to UBS

UBS said gold can reach as high as $2,300 and ounce in a downside market scenario, representing potential upside of 21% from current levels.

Published:  Tue, 29 Sep 2020 11:56:59 GMT



B2Gold: Buy Now Because Gold Prices Will Go Higher

B2Gold continues to profit from rising gold prices and has a rock-solid balance sheet. The company has repaid the majority of its revolving credit loan and is almost 100% debt free.

Published:  Tue, 29 Sep 2020 11:03:00 GMT



UBS says buy gold heading into the 'far-from-certain' election

"A contested outcome is still a possibility, which could add to further volatility and result in safe-haven flows," UBS told clients.

Published:  Mon, 28 Sep 2020 12:03:00 GMT



Gold, silver schemes played up fears of conservatives, elderly to drain savings

Precious metals dealers allegedly defrauded 1,600 people and convinced them to invest $185 million into silver and gold bullion, regulators charged.

Published:  Wed, 30 Sep 2020 10:20:00 GMT



Insiders Are Buying These Gold Mining Stocks

Insider buying (and selling) has picked up at a few gold stocks recently. Insider trading refers to when insiders of a company purchase or sell shares of company stock in the public market.

Published:  Tue, 29 Sep 2020 09:35:00 GMT



UBS says you should buy gold now

Investors should be buying gold as it represents a "very good hedge" in risk events such as the U.S. election, UBS Global Wealth Management told CNBC.

Published:  Mon, 28 Sep 2020 22:27:00 GMT



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