Gold pierced the milestone $2,500 per ounce mark, from $2,483.68 in July to $2,514.90 on August 20. Costco is reportedly selling up to $200 million in gold bars per month, and China now has gold-dispensing ATM machines.
Why is there a feeding frenzy in gold?
"People have concerns about safety and protection," said Warren Mills, vice president and chief numismatist at Rare Coins of New Hampshire. "We could be right on the edge of World War III. If all-out war materializes, we could see gold at $10,000 per ounce. The chance of this happening within the next few years is 40%. That's a fair chance, and people should protect themselves with physical gold."
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