Live Spot Gold
SPOT MARKET IS OPEN
closes in 4 hrs. 19 mins.Feb 26, 2020 12:41 NY Time
| Bid/Ask | 1642.20 / 1643.20 | |
| Low/High | 1624.50 / 1655.90 | |
| Change | +7.60 | +0.46% |
| 30daychg | +60.90 | +3.85% |
| 1yearchg | +313.80 | +23.62% |
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Silver Price & PGMs
Feb 26, 2020 12:41 NY TimeKitco 10AM Silver Fix
| Silver | 17.86 | -0.08 |
| Platinum | 912.00 | -13.00 |
| Palladium | 2671.00 | +79.00 |
| Rhodium | 11200.00 | 0.00 |
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Market Nuggets
( Kitco, Wed. Feb. 26th, 2020) – Gold could test $2,000 an ounce in the year ahead on further loosening of monetary policy by the U.S. Federal Reserve and People’s Bank of China, said CrossBorder Capital. The coronavirus is impacting global economic growth, with Chinese data showing use of public transportation has fallen by 80%. The PBOC has made limited financial injections, “but expect more,” CrossBorder said. Meanwhile, the Fed is expected to continue expanding its balance sheet. The firm said “periods of strong liquidity injections are often associated with a rising gold price. Gold, much more than many other assets, benefits from buoyant central-bank liquidity.” Both Fed and PBOC actions matter, the firm continued. “It would seem that gold could easily retest $2,000/oz over the next 12 months,” CrossBorder said. “Moreover, its gains do not depend on a weak dollar. In fact, looking ahead, we see the U.S. unit broadly stable; gold looks set to rise against most currencies.”
Gold prices have fallen some 3% from their seven-year highs earlier this week, but the bias remains to the upside, said FXTM. As of 8:41 a.m. EST, spot metal was at $1,636.20 an ounce, up $1.60 for the day but well below Monday’s peak of $1,687.90. FXTM said gold is expected “remain supported above $1,590 as investors continue to cling to safety, while assessing the coronavirus’ impact on global economic conditions. Bullion could yet make another run towards the psychological $1,700 mark, especially if the negative virus impact shows up in the hard data out of developed economies over the coming months.”
Stocks Stabilize, Treasury Yields Tick Higher
IDow industrials, S&P 500 edge up after sharp losses the past two days
U.S. stocks rallied in early trading Wednesday as investors struggled to assess the impact of the fast-spreading coronavirus and its economic fallout.
The Dow Jones Industrial Average gained 278 points, or 1%, shortly after the opening bell in New York. The S&P 500 rose 1.1%, while the Nasdaq Composite jumped 1.4%,
Investors have been hoping for markets to stabilize after the Dow fell more than 1,900 points Monday and Tuesday in its largest two-day point decline on record. U.S. health officials said this week that they expect a wider spread of the coronavirus and are preparing for a potential pandemic.
“This is a time of peak uncertainty for coronavirus,” said Edward Park, deputy chief investment officer at Brooks Macdonald. “We don’t yet know the size of how much it’s spread or the mortality rate. That’s what markets are reacting to, peak uncertainty, rather than facts.”
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com