Gold mania? Bank-run style lines at shops as precious metal glitters at all-time highs
Currency inflation and macroeconomic uncertainty are driving the price of gold, Bitcoin and similar assets to new levels.
Gold hit a new all-time high of over $4,200 per ounce on Wednesday, driven by demand from retail consumers buying physical gold and central banks accumulating the precious metal as a hedge against currency inflation.
Reports of end consumers seeking exposure to gold have surfaced as more people look for alternative stores of value amid global macroeconomic uncertainty. On Thursday, a queue of customers waiting to enter the ABC Bullion precious metals shop in Sydney, Australia, was reported by local outlet Nightly News.
Several individuals in the queue, stretched to nearly 200 feet around lunchtime, cited macroeconomic uncertainty, the declining value of the US dollar and distrust of financial institutions as reasons to hold physical gold.