Articles
Gold Climbs for Fifth Week as Middle East Tensions Heighten Market Uncertainty
Gold prices are on pace for a fifth consecutive weekly increase, driven by heightened tensions between Iran and Israel, which spurred safe-haven buying. As of Friday afternoon, spot gold rose 0.7% to $2,395.15 per ounce, with earlier peaks reaching $2,417.59. Over the week, prices climbed by 2.2%. Meanwhile, U.S. gold futures also saw a similar uptick, closing 0.7% higher at $2,413.8 per ounce. This trend reflects investors' concerns over escalating geopolitical risks and their impact on financial markets.
Costco Offers Gold, But Reselling Proves Challenging
Buying a gold bar at Costco is as easy as adding it to your cart, but selling it involves more effort and can be less lucrative. Adam Xi, a 33-year-old from Philadelphia, experienced this firsthand. After purchasing a gold bar for $2,000, he struggled to resell it without a loss, contacting five different dealers before settling for a price just $20 below market value at $1,960. Many are discovering that gold is not as liquid an asset as they hoped, facing challenges when they decide to liquidate their investments.
Elderly Woman Cheated Out of $1 Million in Precious Metals by Scammers
A 70-year-old woman from Carlsbad was scammed out of more than $1 million in gold and other precious metals, according to the San Diego federal prosecutors. The scam started with a pop-up message on her computer claiming she had been hacked. Believing her bank account information was compromised, she was deceived by a group posing as tech support who convinced her to download malicious software. This group has been charged with conspiracy to commit wire fraud.
Inside Job at Toronto Airport Leads to $16.5 Million Gold and Cash Heist
In a significant heist at Toronto's airport, a thief stole $14.5 million in gold bars and nearly $2 million in cash using fake documents to claim a shipment. The scheme, which unfolded last April, was later uncovered as an inside job possibly involving Air Canada employees. The discovery led to a yearlong investigation linking the culprits to an international arms-trafficking operation, which was eventually disrupted by Pennsylvania State Police.
Ray Dalio Recommends Gold as Shield Against Soaring Global Debt and Inflation
Billionaire investor Ray Dalio advocates for owning gold as a strategic hedge against potential debt and inflation crises. Dalio, the founder of Bridgewater Associates, highlights the escalating global debt, notably mentioning the U.S. debt reaching an unprecedented $34 trillion. He warns of a looming U.S. debt crisis that could lead to a balance sheet recession, adversely affecting major economies like China, Japan, and Europe, and threatening the stability of their currencies.