The post Google Search for ‘buy gold’ spikes 64% as recession panic mounts appeared on BitcoinEthereumNews.com.

Gold has been a particularly interesting asset since the start of 2024, thanks to its strong rally to a new all-time high and forecasts predicting it could rise to and beyond $3,000. However, interest in the commodity reached another level at the beginning of August. Indeed, Finbold’s research found that between July 31 and pre-market on August 6, interest in the ‘buy gold’ search term rocketed 63.93% from 61 to 100 on Google Trends. The figure is also substantially higher than at any other time during the period under review, which covers the 90 days between May 6 and August 6, 2024. Such a rapid increase in curiosity about investing in bullion can be linked to a recession panic that started with the Federal Open Market Committee (FOMC) meeting on the last two days of July and was reinforced by the jobs report on Friday, August 2. Hawaiian investors most interested in buying gold While the beginning of August sent interest in buying gold rocketing across the US, nowhere is the search trend more pronounced than Hawaii. In fact, on Google Trends’ scale, search interest in Hawaii stood at 100 at the time of publication. It is closely followed by the second-newest state, Alaska, at 95, and Wyoming, at 90. In California, the home to the highest number of American billionaires and millionaires, buying gold has been a popular topic in August, though not as popular as in 9 other states – the aforementioned three, as well as West Virginia, Nevada, Washington, New Jersey, Arizona, and Missouri. On the other hand, investors and traders in Vermont appear the least interested in buying the commodity amidst the ongoing recessionary panic. Maine, Montana, South Dakota, and New Hampshire are no keener, with all reading less than 60 on Trends. Why fear is…

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Filed under: News - @ August 6, 2024 10:22 am