The gold news came as stocks plunged 5 percent and crude oil dropped 7 percent, according to Reuters news service. Bullion is headed for its seventh straight weekly gain.
“Investors want gold and government bonds, which are safer assets to possess in a deteriorating global economy,” said Ed Martin, CEO of Hunter Wise Commodities, a physical commodity wholesale dealer based in Las Vegas.
Factors leading to gold’s fourth consecutive daily rise included: concern about the health of European banks; news that factory activity in the United States’ mid-Atlantic region plummeted; and news that existing home sales unexpectedly dropped.
“At times like these, we believe becoming an independent gold retailer is extremely lucrative,” said Martin. “As a precious metal wholesale dealer, we guide independent dealers into running their own successful retail businesses and truly capitalizing on gold while the precious metal is at its most valuable.”
According to Martin, the economy is potentially entering a period of inflation, combined with stagnant growth and high unemployment. He said investors primarily buy gold because it acts as a safe-haven against problems that arise with inflation and global economic stagnation.
Futures reports indicate that gold isn’t forecasted to go down anytime soon. Reuters reported U.S. gold futures at $1,822 an ounce.
Silver, otherwise known as “the poor man’s gold,” rose to $40.65 an ounce on Aug. 18.
Martin said bullion has risen broadly across all major currencies, with gold priced in Japanese yen surging to a record. Euro-priced and sterling-priced gold have also hit near all-time highs.
Investors who want to work with Hunter Wise Commodities to establish independent gold retail businesses can go to the wholesale dealer’s website at http://www.hwcom.com/
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About Hunter Wise Commodities
Hunter Wise Commodities, LLC is an affiliate of Hunter Wise Financial Group, LLC. The wholesale dealer specializes in the purchase and sale of precious metals such as gold, silver, platinum, palladium and copper. The company’s corporate headquarters are in Las Vegas, Nev., with additional offices in Irvine, Calif., and London, England. For more information about the company, visit http://www.hwcom.com/