{"id":15796,"date":"2023-09-22T22:44:36","date_gmt":"2023-09-22T22:44:36","guid":{"rendered":"https:\/\/prosfunds.com\/business\/sen-bob-menendez-allegedly-had-a-stash-of-gold-bars-thats-become-a-trend\/"},"modified":"2023-09-22T22:44:37","modified_gmt":"2023-09-22T22:44:37","slug":"sen-bob-menendez-allegedly-had-a-stash-of-gold-bars-thats-become-a-trend","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=15796","title":{"rendered":"Sen. Bob Menendez allegedly had a stash of gold bars. That\u2019s become a trend"},"content":{"rendered":"
\n

\n Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment.\n <\/p>\n

\n Wait, you can own gold bars?\n <\/p>\n

\n Yes. It\u2019s actually a booming trend.\n <\/p>\n

\n (Spokespeople for Menendez didn\u2019t respond to CNN\u2019s request for comment. Separately, he released a statement on Friday calling the indictment part of \u201can active smear campaign.\u201d)\n <\/p>\n

\n Bank failures this year led to a surge in demand for gold bars and coins
\n<\/h2>\n

\n Demand for gold was already on the rise as people sought ways to hedge their investments against inflation. Since gold is a tangible asset with a limited supply, it offers that stability.\n <\/p>\n

\n Then, a string of bank failures, beginning with the demise of Silicon Valley Bank earlier this year, added to the momentum.\n <\/p>\n

\n It was \u201ca wakeup call\u201d to many people, said Jonathan Rose, CEO of Genesis Gold Group, a precious metals firm in Beverly Hills, California. \u201cThere was a feeling of helplessness,\u201d which he said he could attest to since he had money deposited at Western Alliance, which came under a significant amount of stress in the wake of SVB\u2019s collapse.\n <\/p>\n

\n \u201cA lot of people were fearful thinking, \u2018Maybe my money is not as safe as I thought it was in the banking system.\u2019\u201d As a result, interest in owning gold jumped as people searched for tangible stores of value that \u201ccan\u2019t evaporate,\u201d Rose told CNN.\n <\/p>\n

\n The value of a kilogram of gold hit a one-year-record high of nearly $66,000 in May, according to data Goldprice.org.\n <\/p>\n

\n Data from the World Gold Council supports what Rose witnessed.\n <\/p>\n

\n Demand for gold bars and coins in the US hit a 13-year high in the second quarter, according to an August report the Council published.\n <\/p>\n

\n \u201cThe after-effects of the banking crisis supported demand early in the quarter, as did the tense US debt ceiling negotiations,\u201d the report states. <\/strong>(In the spring, the US government came very close to defaulting on its debt for the first time in the nation\u2019s history. Ultimately, default was avoided in an 11th-hour deal, but it caused Fitch Ratings to downgrade US debt two months later.)\n <\/p>\n

\n Demand has since slowed down, but it will \u201clikely pick up again should any signs of banking instability reemerge and on approach to the 2024 presidential election campaigns,\u201d according to the report.\n <\/p>\n

\n Even though you can invest in gold and other precious metals without physically owning them, people tend to prefer \u201chaving the currency in their hands,\u201d said Rose.\n <\/p>\n

\n That\u2019s because if, for instance, you invest in a gold ETF, \u201cit\u2019s still tied to the market,\u201d he said. That means if the market were to plunge, you\u2019d be exposed to it and suffer some losses as a result.\n <\/p>\n

\n Plenty of his clients have buried the gold he\u2019s sold them in the ground, he said. One even stored it in an empty paint can in their garage. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.\n <\/p>\n

\n For added assurance, you can take out an insurance policy or keep it in a safe deposit box at a bank, but most of his clients opt not to, he said.\n <\/p>\n

\n However, people who want to invest in IRS-approved physical gold in their tax-deferred investment accounts by law are required to keep it in a bank or with a non-bank trustee.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment. Wait, you can own gold bars? Yes. It\u2019s actually a booming trend. (Spokespeople for Menendez didn\u2019t respond to CNN\u2019s request for comment. Separately, he released a statement on Friday calling the indictment part of \u201can active smear campaign.\u201d) […]<\/p>\n","protected":false},"author":1,"featured_media":15797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-15796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nSen. Bob Menendez allegedly had a stash of gold bars. That\u2019s become a trend | Prosfunds<\/title>\n<meta name=\"description\" content=\"Sen. 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