At The Grand Emperor Hotel, the gold floor is literally gone. Management ripped up the real gold bricks from its distinctive lobby floor and sold them for around US$13 million after recognizing what it called “a good opportunity”. Even as gold was removed from the ground in one place, a different kind of floor was forming in the market.
The late January rally driven by speculative demand collapsed abruptly, producing silver’s biggest daily drop on record and gold’s steepest fall since 2013. A leveraged unwind, including CME margin hikes, cleared weak hands and helped solidify a new price floor that continues to hold. With that foundation now in place, the gold appears positioned for its next move higher rather than another retreat.
For more information, visit American Hartford Gold or call 800-462-0071.
