Some records were made to be broken!
Last year, gold hit record highs 40 times! But those weren't the only records related to gold that fell in 2024. Despite the higher prices, gold demand also hit an all-time high.
In this episode of the Money Metals' Midweek Memo podcast, host Mike Maharrey breaks down the gold demand data and reveals some interesting trends supporting the gold bull market.
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Mike opens the show with some Super Bowl trivia, noting the Eagles set a record for the most points scored in an NFL postseason.
"Speaking of the Super Bowl, here’s a tidbit. If you melted the trophy down, you’d get about 93.5 troy ounces of pure silver. At the price of silver on Monday morning, it was worth just over $2,990. The value of last year’s trophy was around $2,111, based on the price of silver at the time of the game. That just goes to show that despite the prevailing sense that silver underperformed last year, it hasn't exactly been a slouch."
The price increase underscores the value of precious metals. It’s not so much that the Lombardi is more valuable. It’s that the dollar is less valuable.
Mike notes this is exactly why President Trump ordered the U.S. Mint to stop producing pennies.
"The government has devalued your money to the point that the penny is irrelevant."
It's also one of the reasons we saw gold chart 40 record highs in 2024.
"Gold set another record last year – a demand record, which actually surprised me a little given the high price. Generally, that drive demand down somewhat, especially in the jewelry market. And that did happen. But demand was so strong in some other areas that it overcame the gravity of higher prices."
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Mike breaks down gold demand into various categories, including central bank buying, investment buying, jewelry, and industrial demand.
Mike summed it up this way.
"I think the most interesting aspect of this story is the fact that we’ve seen this bull run with very little participation from the West. It’s been driven by emerging market central banks in Asia and Eastern Europe, and by investors in Asia, particularly India and China. Now, imagine if US and European investors hop on the bandwagon. I think they will at some point when the impact of the monetary malfeasance caused by decades of easy money becomes impossible to ignore."
This leads to a call to action.
"If you want to jump in early, this is a great time to talk to a Money Metals precious metals specialist at 800-800-1865."
Articles Mentioned on the Show
And the Winner of the Super Bowl Takes...Silver?
Big Banks Getting More Bullish on Gold
About the Author
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
