Live Spot Gold
SPOT MARKET IS OPEN
closes in 47 mins. Apr 13, 2020 16:13 NY Time
| Bid/Ask | 1714.40 / 1715.40 | |
| Low/High | 1684.30 / 1729.00 | |
| Change | +28.80 | +1.71% |
| 30daychg | +184.50 | +12.06% |
| 1yearchg | +424.60 | +32.92% |
| Alerts Charts |
Silver Price & PGMs
Apr 13, 2020 16:13 NY Time Kitco 10AM Silver Fix
| Silver | 15.39 | -0.01 |
| Platinum | 748.00 | -3.00 |
| Palladium | 2097.00 | +40.00 |
| Rhodium | 4000.00 | 0.00 |
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(Kitco, Mon. April 13th, 2020) – Tom Stevenson of the UK’s Telegraph says gold is back and remains the ultimate safe-haven asset. “Gold is no one ’s liability. It is the ultimate hedge against black swans, tail risks and both inflation and deflation.
Gold ’s very ‘uselessness’, the fact that it is hardly used at all in industrial processes, unlike silver or platinum, makes it a bulwark against an economic heart attack such as the lockdown imposed on the world by the corona-crisis. It has held its own for 5,000 years,” the article said. One reason for gold ’s selloff last month may be due to the “unique nature of the global economic seizure we are experiencing,” Stevenson noted.
Gold, bonds, and equities fell in tandem with each other a few weeks ago, which signaled that investors were on a bid to raise cash and sold “what they could and not what they would choose to.” Disruptions to the supply chain further complicated gold price ’s movement of late. “For the first time in 100 years, the big Swiss refineries close to the border with corona-hit Lombardy have been shut. The grounding of entire fleets of aircraft is making it more difficult to transport gold to where it is required, either for physical purchase or to back financial instruments like exchange traded commodities,” he said.
Stevenson ’s comments come as spot gold rose 2.4% on Monday, last trading at $1,726.40 an ounce, the highest it has been in seven years, he noted. “It is no surprise that gold is back in fashion today. BullionVault, an online marketplace for precious metals, says the number of people buying physical gold on its platform doubled between February and March,” he said.
Gold bulls flex their muscles; futures prices hit 7.5-yr. high
Gold futures prices are trading higher and scored a 7.5-year high in midday U.S. trading Monday. Bullish traders, who are enjoying a strong technical posture in their metal, stepped in to buy the early weakness today, knowing the path of least resistance for prices remains sideways to higher. A sell off today in the U.S. stock market is also on this day working in favor of the safe-haven gold market. June gold futures were last up $5.30 an ounce at $1,758.30. May Comex silver prices were last down $0.428 at $15.625 an ounce.
The silver market today is acting more like an industrial metal and is under selling pressure, along with the global equities markets.
Global stock markets were mixed to weaker in overnight trading. The U.S. stock indexes, while seeing some pressure today, have seen near-term price uptrends develop, which suggest at least near-term lows are in place. While the Covid-19 pandemic continues to kill thousands worldwide, the rate of the spread of the illness is slowing in the U.S. and Europe. The major debate among North Americans and Europeans is, if the curve of infections continues to flatten when will governments begin to start up their heavily damaged economies. May 1 has been mentioned frequently as a “rolling start” date for the U.S. economy. Still, at present that timeframe seems to be a best-case scenario.
Reports said the U.S. Treasury on Saturday began distributing stimulus funds to American taxpayers.
Over the weekend, the OPEC oil cartel, Russia, the U.S. and other oil-producing nations agreed to a collective oil production cut of around 13%, which amounts to 9.7 million barrels per day. The oil futures markets had pretty much already factored into their prices the cut and were only modestly up Monday. Nymex crude oil prices were trading around $23.00 a barrel.
Other important markets see the U.S. dollar index lower at midday. The 10-year U.S. Treasury note yield is trading around 0.73% Thursday morning.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com