All the Hacks with Chris Hutchins The Gold Market: Strategies for Investing and Reselling with Trey Benedict
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Dec 18, 2024 
Trey Benedict, CEO and Co-Founder of Pure Technologies, shares his expertise in the gold market, drawing on his experience from Heritage Auctions and rare coin dealings. Listeners uncover the history and dynamics of gold valuation, exploring investment opportunities and the differences between bullion and collectible markets. Trey offers essential tips to avoid scams and navigate the complexities of buying and reselling gold, including insights into contemporary sales strategies involving retailers like Costco. A treasure trove of knowledge for potential investors!
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Gold Market Size
- The gold market is vast, encompassing central banks, market makers like JP Morgan, and a growing retail segment.
- Its total value is in the trillions, with retail gold bars alone around $55 billion.
Gold Illegality
- Gold ownership was illegal in the US until the 1970s, after the switch from a gold-backed currency.
- The US Mint started producing gold coins like the Gold Eagle and Buffalo in the 1980s, following South Africa's success with the Krugerrand.
Reasons for Buying Gold
- People buy gold for various reasons, including hedging against inflation, anxieties about currency devaluation, and its recent price surge.
- Some view physical gold as more appealing than ETFs due to its tangibility and potential collectability.