Thursday, October 2, 2008

Sell Gold....Banks Buying?

An article on Monday in Reuters indicated that the private banks will be the next big buyers of gold, and the price will continue to increase.

Bullion bars have gained a significant amount of popularity. Bullion bars, that have been sold off during stronger economic times are now being sought-after by banks. The Chairman of the London Bullion Market Association has predicted that fewer banks will be selling off gold reserves until the market stabilizes.

Owning gold again has become a trend – in jewelry, collectible coins, and bullion bars. The bullion bars and many gold bullion coins were sold off during the 1980s and 90s, while the international economy was in a better situation. Gold as a hedge against inflation has made the metal appealing once-again during the financial crisis.

In related notes, the U.S. mint has suspended sales of the 24 karat American Buffalo, as supplies have been depleted. This latest shortage follows the suspension of the American Eagle earlier this year.

Gold reached a record high in mid-March of $1,030.80 an ounce. Bookmark our site at to see updated gold prices, the prices we pay, and the Cash4Gold process!

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