LOS ANGELES, CA / ACCESSWIRE / May 24, 2024 / Lear Capital is offering gold investors access to a piece of history with its latest gold bar. To learn more click here.
At a time when gold is at near record highs, Lear Capital is giving gold enthusiasts and history buffs the chance to own a rare piece of history. The leader in the precious metals market since 1997 recently acquired an 80.3-ounce gold bar assayed by Léo Matthey in 1933. The gold bar, which comes with a certificate of authenticity, is a rare piece of history dating back to a time when gold ownership was restricted in the U.S. to encourage the use of paper money during the Great Depression.
The sale of the rare gold bar presents an opportunity for gold investors, collectors and history buffs to get a piece of history and a tangible asset when demand for gold is at record highs. The price of gold is up 12% year-over-year and is 80% higher over a five year horizon. Demand is so red-hot that Costco Wholesale Corp. is raking in as much as $200 million a month selling gold bars to its members.
Gold Outshines
There are several reasons gold is shining so bright. For starters, gold is seen as a safe haven and a hedge against inflation. It tends to retain its value through financial and geopolitical calamities. In times of economic turmoil gold's value tends to rise as the cost of living increases, and when the equity markets are taking hits, gold has been known to hold up. Gold also provides investors with a way to diversify beyond stocks and bonds.
It is also a favorite of central banks, which are snapping up gold bars and propping up the price. Central banks use gold to diversify their holdings, shore up balance sheets and gain liquidity. Gold can be used to cancel government bonds, lowering the central bank's debt on the balance sheet. Central banks view gold as a tangible asset whose value can stand the test of time. China, India and Turkey's central banks have been among the more voracious buyers of gold in recent months. In 2022, global central banks purchased 1,083 metric tons, setting a record. The buying spree continued in 2023, with central banks purchasing 1,037 metric tons of the yellow metal.
Gold Bar Assayed During A Tumultuous Time In US History
The gold bar Lear Capital is selling was assayed on May 2, 1933, in Switzerland, and carries the serial number 33, signifying it as the 33rd bar poured by the assayer. The antique gold bar boasts a purity of 1,000 - equivalent to today's 0.9999 due to advancements in technology. Its features include the stamped figures 33 and 1,000, and a pine tree - the latter being the company logo of Léo Matthey, a relative of George Matthey, who joined Percival Norton Johnson in 1851 to form John Matthey.
It was assayed in the midst of the financial crisis when banks were collapsing and businesses folding. People favored gold over bank deposits and paper money. That led to large outflows of gold from the Federal Reserve, hurting the central bank's ability to back currency with gold. To stem the bleeding, President Franklin D. Roosevelt implemented policies requiring Americans to exchange gold valued over $100 for paper money. That did little to quell the problem. As fears grew much of the gold went overseas. That hurt the dollar's value and even resulted in banks closing for a week to stabilize the financial system.
More Room To Rise
This piece of history is priced at around $197,000 - depending on the current spot price. It could prove to be a bargain if gold prices continue their upward trajectory, which is something JP Morgan and other bulls think will happen. The Wall Street bank is forecasting gold to climb to new highs later this year. Meanwhile Lear Capital believes gold could hit $3,200 an ounce or more in 2027.
"This is a rare piece of history. We're offering an incredibly good price on this bar, but we would love to sell it to someone who appreciates the history and wants to hold on to it for its historic value," says Kevin DeMeritt, founder of Lear Capital.
To learn more about this rare collector gem and piece of history click here.
Featured photo by Jingming Pan on Unsplash.
Contact:
Matthew Giraldo
m_giraldo@learcapital.com
SOURCE: Lear Capital
View the original press release on accesswire.com
