money

Oh, great! Now even gold is gentrifying. Who needs affordable housing when you've got bullion?

Oh great! You might finally get that million you've been dreaming of, assuming you didn't already spend it all on avocado toast. Thanks a lot, capitalism!

Published August 23, 2024 at 12:19pm by Mary Walrath-Holdridge

Gold Prices Reach New High - Thanks, Capitalism! 🥇💰

Oh joy, oh bliss! The price of gold hit an all-time high this week, pushing a standard gold bar's price to a cool $1 million. Because, you know, the rich need more reasons to feel smug.

A typical gold bar, weighing 400 Troy ounces or 27.5 pounds, now sells for over $1.3 million. That's right, folks! 1 oz of this shiny stuff is now over $2,500. ** insert sarcastic slow clap **

From the beginning of the year to Aug. 22, 2024, gold prices skyrocketed from $2,066.32 to $2,500.72 per Troy ounce, a delightful 21.02% increase. Spot gold closed at $2,514 on Tuesday, the highest price in history. Thanks, greed!

Even Costco is cashing in, selling 1 oz gold bars and other precious metals. Because why just buy bulk toilet paper when you can buy bulk gold?

Costco is selling lots of gold: Should you be buying? How this gold rush impacts the market

What is the price of gold?

Gold currently stands at $2,515.83 per Troy ounce. Not that any of us can afford it.

Gold is measured in Troy ounces, which is heavier than a regular ounce. One Troy ounce equals 1.097 "normal" ounces or 31.10 grams. Why make things simple?

Gold prices: Track the price and weep

Why is the price of gold going up?

Blame it on supply and demand, interest rates, market volatility, and investor risk. You know, the usual capitalist suspects.

Gold has risen from roughly $1,200 in 2019 to its current price. Not because of inflation, though. People just love a good old-fashioned market panic.

"People are likely buying more gold in an attempt to own some sense of stability," Jonathan Rose from Genesis Gold Group told CNBC. Because nothing says stability like a shiny metal that fluctuates wildly in price.

Is your gold bar from Costco worth $1 million?

Costco started selling gold bars last year, making over $100 million in the first fiscal quarter of 2024. But before you raid your piggy bank, note that Costco's 1 oz bars won't make you a millionaire anytime soon.

You'd need 400 of these babies to hit the $1 million mark. And with a purchase limit of two bars per customer, good luck with that. 😂