The ultra-rich who own $1 million gold bars probably aren't focused on profits amid soaring gold prices, experts say

Tech Insider : Economy
Workers stack ingots on top of each other at Russia's leading gold refining and bar manufacturing plant, in Novosibirsk, Russia
Most of the time, large-format gold bars never leave the storage vaults where they're kept under meticulous security.

Alexander Manzyuk/Anadolu Agency via Getty Images

Gold experts explain what the record-high prices really mean

Tech Insider : Economy
An employee shows an ingot of 99.99 percent pure gold at Russia's leading gold refining and bar manufacturing plant, in Novosibirsk, Russia.
The spot price of gold recently hit the $2,500 threshold, valuing a 400 troy ounce gold bar at $1 million.

Alexander Manzyuk/Anadolu Agency via Getty Images

Gold is getting so expensive that even China's central bank stopped buying

Tech Insider : Economy, Economy
Gold bars in China
Record gold prices are slowing appetite for the precious metal.

VCG/Getty Images

China's gold rush shows the Chinese still have money to spend — they're just not into Starbucks or Gucci

Tech Insider : Economy, Economy
Customers select gold ornaments at a gold jewelry store on April 3, 2024 in Huzhou, Zhejiang province, China.
China's gold rush has sent gold prices to record highs.

Ni Lifang/VCG/Getty Images

Some central banks have sold gold at record prices, cashing in on the global boom

Tech Insider : Economy, Economy
An Uzbekistan gold miner shows some of his product
Private gold mining in Uzbekistan was legalized in 2019.

VYACHESLAV OSELEDKO/Getty Images

Michael Burry and John Paulson hit the jackpot when they called the housing crash. Now they're betting on gold.

Tech Insider
Dr. Michael Burry
Michael Burry of "The Big Short" fame.

Astrid Stawiarz/Getty Images

The US dollar is so strong that China's central bank, among others, just keeps loading up on gold

Tech Insider : Economy, Economy
gold buyers necklaces china
Robust Chinese gold buying has sent prices of the precious metal to record highs.

Reuters

Gold is set to rack up its best month since November 2022 with the Israel-Hamas war boosting demand for safe havens

Tech Insider
rows of gold bars
Gold prices have surged over the past month, with geopolitical tensions pushing up demand for safe havens.

Doug Armand/Getty Images

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