LIVE SPOT GOLD
SPOT MARKET IS OPEN
closes in 6 hrs. 7 mins.Apr 23, 2020 10:53 NY Time
| Bid/Ask | 1733.50 / 1734.50 | |
| Low/High | 1708.80 / 1745.40 | |
| Change | +19.40 | +1.13% |
| 30daychg | +97.50 | +5.96% |
| 1yearchg | +461.30 | +36.26% |
| Alerts Charts |
Silver Price & PGMs
Apr 23, 2020 10:53 NY TimeKitco 10AM Silver Fix
| Silver | 15.29 | +0.21 |
| Platinum | 766.00 | +5.00 |
| Palladium | 1967.00 | +103.00 |
| Rhodium | 4500.00 | 0.00 |
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(Kitco, Thurs. April 23rd, 2020) – Gold has seen some strong gains so far this year with prices holding above $1,700 an ounce, but it’s not too late to get into the market, which currently has unlimited potential, said Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
“As far as how high [gold] can go, it’s supposed to get to a period where it gets stupid expensive like the stock market did for a little while last few years,” he said. “Stock market’s been boosted by this massive amount of liquidity, but the question is how much longer that can last. I think gold has the upper hand.”
McGlone said that gold is just embarking on its bull run and expects the ratio between the yellow metal and equities to hit parity. He added that gold prices could push to $2,800 an ounce, to be in line with a 1:1 ratio with equities markets.
Price action in the oil market highlights major problems in the global economy, McGlone said. He added that the world is seeing massive demand destruction which will lead to an economic depression and ultimately, higher gold prices.
“From a gold standpoint, [low oil prices are] fuel for higher gold because it gives fuel for central banks to ease more,” he said.
Unlimited amounts of cash from central banks used to combat the impending depression will ultimately lead to currency debasement, McGlone said. Unlike U.S. dollars, he noted that gold has a limited supply.
Austin TX based 401 Gold Consultants LLC also have been promoting a gold, not metals, rally as gold becomes money again, “When paper markets slow from a lack of money flow , that is deflationary and gold as a hedge shines during these times. Adding to that currency contraction is an unprecedented global liquidity response from all world banks and you have a perfect storm for U.S. dollar – based gold prices” says Jack Dempsey, president of 401 Gold Consultants LLC, “ we go on printing trillions of new dollars only to see the country not spend them, that puts gold vs. paper as a no- brainer financial decision right now” he adds.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com