Demand for gold coins has surged in the past year, and that’s left mints around the world scrambling, and failing, to keep up with demand. According to Reuters, the US Mint saw demand for gold coins surge 258%, and production can no longer keep up.
That’s had spillover effects for mints around the world, and it’s impacted inventories that investors rely on to increase their own stacks.
Canadian Investors Seek Inflation Hedge
The pandemic and government relief efforts to keep economies afloat throughout lockdowns are at the root of the gold shortage. There are concerns that relief efforts have injected so much new cash into the economy that once the recovery gets underway, things will overheat, and inflation will reach levels not seen in Canada in decades.
When investors start worrying about inflation, they look for cash alternatives that tend to hold their value long-term against inflation. Gold bullion is one of the most popular safe haven assets that work as an alternative to cash.
There’s also been an increase in interest from new investors riding on the tails of a social media-driven rush on silver and gold alike. Between seasoned investors seeking cash alternatives and new buyers discovering the benefits of bullion, demand continues to remain high in 2021.
Buy or Sell Gold in Canada?
With investor demand for gold strong, now could be the ideal time to sell gold in Canada. Investors snap up bullion for a range of reasons, such as wealth preservation or hedging against inflation. Even poor bond yields are a good reason to switch funds into gold.
For the everyday Canadian with some old jewellery or some inherited gold coins, selling it could be just what they need to inject their budgets with some extra cash. And a recent survey shows that many Canadians could use the extra funds more than ever.
An alarming 53% of Canadians are only $200 away from not being able to meet their monthly debt obligations, and insolvency is a growing concern. Paying down debt is one of the best things you can do when you sell gold, especially if you’re concerned about interest rates rising. Why not take advantage of high demand for gold and pad your budget?
Where to Sell Gold in Canada?
Ready to part with old jewellery or coins? For the most part, old gold will be melted down for bullion and turned into bars. However, certain designer brands may have a higher resale value. Since you want to make sure you get the best price possible, you may want to avoid just stepping into any old cash-for-gold business.
Find a gold dealer that actually works with collectibles and can connect with the people who offer higher prices for designer brands and real antiques.
High demand for gold and the struggle of mints to keep up make now a great time to sell gold and put the money toward paying debts or other investments.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
