(Kitco News, Thur. April 9th, 2020) – Gold and silver prices are trading sharply up and at daily highs in early U.S. trading Wednesday, on safe-haven demand amid a global economy that has lurched into recession and possibly into depression. Scary U.S. economic data just out, as well a mammoth Federal Reserve stimulus package just announced, are helping to boost the precious metals. June gold futures were last up $35.90 an ounce at $1,719.50. May Comex silver prices were last up $0.385 at $15.59 an ounce.
The latest U.S. weekly jobless claims report showed a rise of 6.6 million, which is above expectations for a rise of 5 million and follows last week’s rise of over 6 million and a rise of over 3 million the week before that.
The Federal Reserve has just announced another $2.3 trillion stimulus/lending plan to support U.S. states, counties and cities ravaged by the Covid-19 pandemic. It seems inconceivable that this gargantuan economic and monetary stimulus from the U.S. government cannot cause rising and even problematic price inflation down the road.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com