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The price of gold hit a 7-week high today. According to Bloomberg, Speaker of the House Nancy Pelosi is part of the reason.
A rally in gold stalled near a four-week high as investors braced for a stormy period in US-China relations with House Speaker Nancy Pelosi in Taiwan.
Spot gold fell less than 1% on Tuesday after earlier climbing above $1,788 an ounce. The precious metal often benefits from bouts of geopolitical turbulence and Pelosi’s trip adds to tailwinds that helped gold rebound from a 15-month low. Gold rose in anticipation of her visit, but gave back its gains after she landed as China announced military drills and missile tests.
Growing fears about the global economy have aided bullion’s recent advance. Also helping: an end of outflows from gold-backed exchange traded funds after 21 days of uninterrupted withdrawals, according to Commerzbank AG analyst Carsten Fritsch. While ETF holdings were reduced by 94 tons in July — the biggest monthly outflow since March 2021 — investor sentiment may be shifting, he added.
We have seen a sharp rise in the number of people inquiring about gold and silver bullion, both for physical precious metals delivered to homes as well as gold and Silver IRAs. Economic uncertainty is stirring enough, but what if the trends continue and we remain in a protracted recession? What if the markets do not stabilize? What if the U.S. dollar gets more threats from other currencies, not to mention the burgeoning Central Bank Digital Currencies?
These questions that many are asking are fueling the rise in gold. Those who believe economic recovery is around the corner may want to wait. Those who believe the economic challenges will continue may want to contact Goldco about their investments, wealth, or retirement.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
