New York’s Diamond District buzzed with activity recently, as the focus shifted from diamonds to gold. With the backdrop of Covid, Ukraine tensions, and Trump’s trade wars, gold has regained prominence as a historical currency dating back to 600 BC. At GT Findings on West 47th Street, gold trader Becky Algozhoeva showcased coins and ingots bearing the Roman goddess Fortuna, reflecting a growing interest in gold as a secure investment amidst economic uncertainties.

The price of gold surged over 20% since Trump’s election and 95% in the past five years, although it dipped from its recent peak. This volatility has fueled a rush for gold, with individuals turning to physical assets like gold bars and coins over traditional institutions. Government officials, media, and social media mentions have contributed to gold reclaiming its status as a universally recognized currency.

The surge in US demand has led to unprecedented transfers of gold bars, doubling US gold inventories and prompting significant deliveries to New York City vaults. Central banks have aggressively increased gold purchases, with consumers shifting towards gold bars and coins. Notably, Costco’s gold bar sales have boomed, reflecting the widespread appeal of gold as a tangible and stable asset.

Despite fluctuations in gold prices, experts predict a sustained gold rush, with expectations of prices reaching new highs. Central banks and investors alike are turning to gold as a safe haven amidst geopolitical uncertainties and economic risks. With its long history as a trusted asset, gold continues to hold allure for individuals seeking stability in uncertain times.