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The price of gold has reached a new record in history, rushing investors to get their hands on this valuable asset.
“We are gonna have a treasure hunt starting on Oct. 28 to Nov. 1. We are gonna give out gold coins,” said Hernan Urrutia, a numismatist at Stack’s Bowers Retail.
The company is celebrating its 90th anniversary and is inviting the public to take part in this special event at the end of October. The announcement comes at a time when gold prices have reached record highs.
“A year ago, an ounce of gold was about $2,800, and now it’s a little bit above $4,000. So it’s a huge difference,” numismatist Andres Felipe Cortazar said.
Both Cortazar and Urrutia explain that the surge in gold’s value is largely driven by economic uncertainty.
“Pretty much inflation. That’s what we got in the world. We see the value of the dollar going down,” Urrutia said.
“The geopolitical situation makes investors go towards assets that are physical,” Cortazar said. They also pointed out that these factors are tied to global instability, partly fueled by high levels of government debt, the federal shutdown, and international conflicts.
Cortazar says that since gold is a tangible asset, investors “feel like they can be confident about investing in it.”
Urrutia expanded on that idea, explaining that gold can easily be exchanged for “euros, for pounds, whichever currency you want to trade it for later on. And also a bunch of banks are buying as well.”
The U.S. dollar index, which tracks the value of the dollar against six major currencies, shows that since the beginning of the year, its value has dropped by about 7%, while gold continues to climb.
If you’re looking for a chance to get your hands on this valuable asset, the treasure hunt will take place from Oct. 28 to Nov. 1. Clues will be posted on Stack’s Bowers Retail’s social media pages.
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