In New York's Diamond District, heightened interest in gold has surged, attributed to factors like Covid, geopolitical tensions, and Donald Trump's trade policies. Traders observe a growing public demand for gold as many lose faith in conventional banking systems, preferring tangible assets. This demand has physically manifested in increased gold inventory in US vaults, with innovative logistics to meet the surge. As gold prices continue to rise, propelled by ongoing uncertainty and cultural factors, it is reassessing its role as a universally recognized currency.
Regular people are thinking gold is the key. They don't even believe in banks any more because the economics are shaky, and they don't even want to invest in institutions.
The price of gold is up more than 20% since Trump's election in November, and 95% over the past five years.
We're seeing a significant increase in US gold demand, with traders sending 400-ounce bars from London to Switzerland and then to the US.
Every mention of gold by government officials, in the media, on Instagram and TikTok, was contributing to it coming back as the only currency that is recognized universally.
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