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Where is all that gold being stored?
By Danielle Braff
The New York Times
Tuesday, July 28, 2020
We're in the midst of a modern-day gold rush.
The precious metal has reached record high prices in recent days. A survey of 1,000 people by Magnify Money found that one out of six have invested in gold or other precious metals since May, and about half of Americans are seriously thinking about buying gold. (This after Gallup reported in April that Americans had cooled somewhat on stocks as a long-term investment.)
Whether these people are stocking up on gold because they're worried about a pending apocalypse or simply convinced that it's a fabulous investment, they do have one major issue: storage. Bars and coins are bulky. (And let's not get started on jewelry, which can be complicated emotionally.)
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With anxiety about the economy increasing — which tends to rise any time there's political or world turmoil — the need for storage is growing, too, and options are expanding to meet it.
“Gold and silver bullion storage options have simply grown more in location diversity, pricing — with even some offering short-term collateral loan options,” said James Anderson, a research executive at SD Bullion in Toledo, Ohio. “When I began in this industry pre-2008 financial crisis, there were perhaps 10 to 20 domestic bullion storage depositories. Now, there are hundreds in the U.S.A. and abroad.”
... For the remainder of the report:
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