Gold Bugs Embrace Bitcoin, Upending Retail Sellers
By GCRU Gold News on Wednesday, November 1 2017, 22:24 - Permalink
Gold prices are rallying, but retail gold dealers and shops are struggling to survive.
Yet sales this year of American Eagles, a popular gold coin and a proxy for retail sales of physical gold, have fallen to their lowest levels since 2007, according to the U.S. Mint.
The weak demand is taking a toll on gold dealers, some of whose sales have dropped as much as 70% compared with last year, according to Jeffrey Christian, managing partner at market-research firm CPM Group.
One reason for the declining business: A number of retail buyers are turning to cryptocurrencies like bitcoin to store money during periods of stress, some analysts say.