Strategic Intelligence editor Jim Rickards discusses whether gold could replace the U.S. dollar as the world’s favored currency on ‘Making Money.’
For the first time ever, a single gold bar is worth $1 million, thanks to a surge in prices.
Gold bars weighing 400 troy ounces hit the million-dollar mark after the price of the precious metal climbed above $2,500 per troy ounce. The recent highs are a first for the precious metal.
Gold bars are presented at the German Central Bank in Frankfurt am Main, central Germany on Aug. 23, 2017. (Photo by ARNE DEDERT/dpa/AFP via Getty Images / Getty Images)
Spot gold was up about 1% to $2,563 per ounce as of 10:45 a.m. ET, surpassing a previous record hit on Friday. London’s gold price benchmark hit an all-time high of $2,521.55 per ounce at a morning auction on Tuesday, the London Bullion Market Association said.
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Reuters contributed to this report.
