Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Over 30 Years Experience
Park Avenue has over 30 years
experience buying and selling
Rare Coin and Precious Metals.
We have the knowledge and
ability to provide our customers
with the best products and services.
7.1.22 - Why are Americans so grumpy about the economy? -Op Ed
Gold last traded at $1,807 an ounce. Silver at $19.84 an ounce.
News Summary: Precious metal prices saw slight pullback Friday on a stronger U.S. dollar and weaker-than-expected economic data. Stocks continued to fall as several companies lowered their profit guidance.
Bloomberg--"Gold has held up well relative to silver and platinum. One ounce of gold now buys 90 ounces of silver, the most in almost two years. The resilience of gold offers yet more evidence to support its role as a component in portfolio asset allocation, in contrast to silver, platinum and palladium, which have more industrial uses and are therefore more exposed to economic downturns, according to Chad Hitzeman, senior business development manager at ETF Securities.
'Where broader markets remain negative, pressured by inflation and central bank hawkishness in taming prices, we see investors holding fast to gold ETFs as a risk-off haven,' said Hitzeman, whose company offers several precious metals products to investors.
Giovanni Staunovo, a strategist at UBS Group AG's wealth management unit, shared this sentiment. 'If market recession fears are increasing, you prefer to hold exposure to gold and not to the white metals, which have a high industrial usage,' he said."