Gold sinks to 7-week low
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Gold Fields, Northern Star
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Burkina Faso is a major African gold producer but has struggled to regulate informal mining.
Burkina Faso has opened its first gold refinery in a push for more economic sovereignty led by the military government which severed ties with its Western partners.
GLD remains a Buy as central bank gold buying (led by China) supports prices despite rising yields. Here's what investors need to consider.
Gold's spot price — or its current trading value — today as of 9:00 a.m. ET is $4,150.88 per ounce, according to CNBC's Gold/ US Dollar Spot Price. That's slightly lower than Monday's price, when it traded at $4,153.57 per ounce at the same time.
A retiree who sold 100 ounces of gold near the peak watched the price drop hundreds of dollars per ounce afterward, but the IRS and Medicare see none of that loss, and the bill arriving in 2028 will reflect the world as it looked on the day he sold.
Major gold holder saw an unrealized loss of $2.65 billion on its holdings between Aug. 24 and Sep. 28.
A privately struck coin from California’s Gold Rush era sold for $354,375 on Sept. 27 after 74 bids from 16 bidders. Auction house GreatCollections, which organized the sale, said there are six known examples of the 1852 coin.
Every month you hold GLD, the trust quietly sells a piece of your gold to cover its own expenses, and the IRS considers you the seller. What that means for your tax bill depends on details buried in disclosures most investors never read.