Sen. Bob Menendez allegedly had a stash of gold bars. That's become a trend

Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment.

Wait, you can own gold bars?

Yes. It's actually a booming trend.

(Spokespeople for Menendez didn't respond to CNN's request for comment. Separately, he released a statement on Friday calling the indictment part of "an active smear campaign.")

Demand for gold was already on the rise as people sought ways to hedge their investments against inflation. Since gold is a tangible asset with a limited supply, it offers that stability.

Then, a string of bank failures, beginning with the demise of Silicon Valley Bank earlier this year, added to the momentum.

It was "a wakeup call" to many people, said Jonathan Rose, CEO of Genesis Gold Group, a precious metals firm in Beverly Hills, California. "There was a feeling of helplessness," which he said he could attest to since he had money deposited at Western Alliance, which came under a significant amount of stress in the wake of SVB's collapse.