Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
There are plenty of reasons to be bullish on gold, but the evergreen bear case on the precious metal is that it's never really consumed. Every ounce of gold that's been mined since the beginning of time is still here.over the weekend reporting on a flood of customers rushing into a Brooklyn pawnshop with their valuables to cash in on gold's recent run to a record price above $2,400 per ounce.
Buyers appear to have gone on strike at these prices as well, with the U.S. Mint posting March American Eagle gold coin sales that were roughly 10% of the level hit a year prior., but they share many similar properties. Among them is that bitcoin, too, is never truly consumed and all that's ever been mined is still with us .
Mostly thanks to boosted demand from the spot ETFs, bitcoin by mid-March had risen nearly 70% for 2024 to a new record above $73,000. The rally has stalled since, with the price now more than 15% below that all-time high. The reasons for the pullback are up for debate, but for the last month, sellers have overwhelmed a modestly slowed but still quick pace of buying by the ETFs.
The last word on gold and possibly bitcoin goes to Tobina Kahn, president of House of Kahn Estate Jewelers."It's very busy and we are getting more calls than ever before about clients wanting to bring in their jewels," she told Bloomberg."I'm telling the clients to bring them in now, as we are at unprecedented levels."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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Costco's Gold Sales Soar, Revenue Expected to Reach $100-200 Million per MonthCostco's gold sales have seen a rapid acceleration, with revenue expected to reach $100-200 million per month. The surge in sales is attributed to aggressive pricing, high customer trust, and increased online activity. Costco is selling 1-ounce bars made of nearly pure 24-karat gold, estimated to be priced at around $2,400.
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Costco's Gold Sales Soar as Revenue Reaches $100-200 Million per MonthCostco's gold sales have experienced a rapid acceleration, with revenue now estimated to be running at $100 million to $200 million per month. The surge in sales is attributed to aggressive pricing, high customer trust, and increased online activity, including frequent Reddit posts and quick sell-outs of products. Costco is selling 1-ounce bars of nearly pure 24-karat gold, priced at around 2% above the spot price. The estimated price at Costco is just over $2,400.
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Costco gold and silver sales 'seem to have grown considerably': Wells FargoCostco Wholesale got into precious metals sales last year with gold bars and, according to a Tuesday research note from Wells Fargo, those may have picked up quite a bit since then.
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Costco's Gold and Silver Sales Show Significant GrowthAccording to a research note from Wells Fargo, Costco's sales of gold and silver have grown considerably since the retailer announced $100 million in gold sales last year. The company recently expanded its offerings to include silver coins.
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Costco makes hundreds of millions on 24-karat gold bar salesCostco members have struck gold at the big box retailer, which sells 24-karat 1-ounce gold bars.
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Kentucky becomes 45th State to end sales taxes on Gold and Silver(Frankfort, Kentucky) -- In a high-stakes showdown with Gov.
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