U.S. tourists flock to luxury shops in Europe

Published

3 years ago

July 25, 2022

Reuters

American luxury shoppers traveling in Europe splurged at designer stores as the U.S. dollar and the euro hit parity on Wednesday

American luxury shoppers travelling in Europe feel as if they’ve hit the jackpot.

For the first time in twenty years, the euro and U.S. dollar are nearly equal in value.

The weak euro is tempting Americans like Shawna Wilson to splurge.

“Because the euro and the dollar are about the same, it definitely encourages us to spend. It’s like it’s on sale here, so we’re having no problem shopping.”
TOURIST FROM COLORADO AND MOM, SHAWNA WILSON, 49.

Wilson is among many American tourists flocking to Paris’s Avenue Montaigne this week, a strip of luxury stores which fronts designer brands such as Louis Vuitton, Chanel and Gucci.

“I am very excited that our American dollar is so strong, just when I am coming to Europe.”
TOURIST FROM NEW YORK CITY AND RETIRED TEACHER, SUSAN WEINBERG.

For Americans, purchasing a Chanel bag here could be cheaper by a thousand bucks, with savings from the exchange rate and tax refunds at the border on the way home.

But Erik Norland, senior economist at the CME Group in London, warns it’s not as simple as it seems.

“My own personal observation with luxury brands is that the prices of those goods tends not to vary from one country to another as much as you might expect. Another thing for Americans to consider, if they’re expecting bargains in Europe, is that in Europe in general there is much higher value added taxes there are in the U.S. Now that said, Americans who do shop over here can often get value added tax rebates when they leave. So that’s also something to look into as there might be a lot of calculations to make in terms of trying to find bargains. And it may not be as straightforward as people think.”
CME GROUP, SENIOR ECONOMIST, ERIK NORLAND.

On the flip side, European luxury shoppers like Sebastien Pozzi from Lyon, France, will feel a pinch at home – and while traveling to the U.S.

“Maybe we won’t buy anything. In France, it’s really expensive, that kind of brands, like Chanel, Dior. And here today… normally it could be cheaper in the U.S., but with the exchange rate, it’s not possible. It’s too expensive for us.”
TOURIST FROM LYON, FRANCE, SEBASTIEN POZZI.

Some analysts say the parity could last for at least a couple of weeks.

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Published

15 hours ago

October 10, 2025

ticker NEWS

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Money

Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

Published

19 hours ago

October 10, 2025

Ahron Young

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.

Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.

Money

North Korean hackers steal $2 billion in crypto

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

Published

2 days ago

October 9, 2025

Ahron Young

North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history

In Short:
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.

North Korean hackers have reportedly stolen over $2 billion in cryptocurrency assets in 2025, setting a record with three months still left in the year.

Data from blockchain analytics firm Elliptic indicates that this amount nearly triples the total stolen last year, accounting for approximately 13% of North Korea’s estimated GDP and raising the regime’s total crypto theft to over $6 billion since 2017.

A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.

The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.

Shift In Tactics

A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.

High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.

The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.

The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.